Inflation could hit 4% next month and stay elevated for rest of year, economist warns

The latest inflation report shows price increases for American consumers in April hit a three-year high, driven by a spike in the cost of gasoline. The Consumer Price Index, which includes energy and food costs, rose 3.8% year-over-year, according to the Labor Department. Geoff Bennett discussed more with Heather Long, Chief Economist at Navy Federal Credit Union. Notice: Transcripts are machine and human generated and lightly edited for accuracy. They may contain errors.

Geoff Bennett:

Let's turn now to the economic impact of the war with Iran.The latest inflation report out today showed price increases for American consumers in April hit a three-year high, driven by a spike in the cost of gasoline. The Consumer Price Index, which includes energy and food costs, rose 3.8 percent year over year. That's according to the Labor Department. And that's compared to 2.4 percent in February, before the start of the war and the closure of the Strait of Hormuz.To unpack today's numbers, let's turn again to Heather Long, chief economist at Navy Federal Credit Union.Thanks for being here.

Heather Long, Chief Economist, Navy Federal Credit Union:

Thanks for having me.