Inflation rose for a third consecutive month, matching expectations.June 10, 2026, 8:35 AMInflation jumped for a third consecutive month as the Iran war continued to drive up prices in May, surpassing 4% for the first time in three years. The reading matched economists' expectations.Prices rose 4.2% in May compared to a year earlier, marking an increase from a year-over-year inflation rate of 3.8% in the prior month.Energy prices -- a broad index that includes gasoline -- soared 23% in May compared to a year earlier, U.S. Bureau of Labor Statistics data showed.The Middle East conflict prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of global oil supply. The standoff triggered one of the largest oil shocks ever recorded.As a result, gasoline prices surged. The price of an average gallon of gas stood at $4.15 as of Wednesday, AAA data showed – an increase of $1.17 per gallon since the war began on Feb. 28. That amounts to a nearly 40% price jump in about three-and-a-half months.A customer shops for produce at an H-E-B grocery store on May 11, 2026 in Austin, Texas.Brandon Bell/Getty ImagesThe oil shortage also drove up diesel prices, putting upward pressure on grocery prices. Diesel is the lifeblood of the food supply chain, fueling trucks and ships. Higher fuel costs for suppliers mean price hikes in grocery aisles as the increased costs are passed down the supply chain.Popular ReadsPrices for tomatoes soared 32% in May compared to a year earlier, government data showed. Seafood prices jumped 6% over that period, while beef prices climbed nearly 13%.This is a developing story. Please check back for updates.