Inflation hit a three-year high in April, driven by war-related oil price shocks from the Iran conflict.
Americans are depleting their savings at the fastest rate since 2022 to cope with rising costs.
Consumer spending rose just 0.1% when adjusted for inflation, signaling potential economic vulnerability.
AI-generated summary was reviewed by a CNN editor.
High gas prices pushed up inflation again last month while adding to Americans’ financial strain: Households are saving at the lowest rate in nearly four years, a new report showed Thursday.
