Inflation is expected to exceed 4% for the first time in three years driven by rising gas prices from the Iran war.
Real wages are declining as price increases outpace paychecks, with Americans facing growing affordability pressures.
Food prices are rising, with fruits and vegetables seeing their highest monthly increase since 2010.
AI-generated summary was reviewed by a CNN editor.
Inflation, as measured by the Consumer Price Index, is expected to run above 4% for the first time in three years because of the Iran war’s oil price shock.
