Inflation has surged to its highest level in more than three years since the U.S. and Israel launched their war on Iran, triggering a surge in gasoline prices.
Energy costs accounted for more than 60% of the monthly rise in the consumer price index in May.
Joe Raedle/Getty Images North America
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Joe Raedle/Getty Images North America
The Iran war has ratcheted up prices for gasoline, airfares and other expenses.
A surge in prices at the pump due to the Iran war has pushed the inflation rate to 3.3%.
Heightened petrol prices led the inflationary pressures, with prices that jumped 5.5 percent in April.
The key measure of US inflation rose in April to its highest level since May 2023 as consumers feel the impact of the Iran war.
U.S. inflation climbed above 4% for the first time in three years in May as rising energy costs tied to the Iran war pushed…
U.S. consumer prices climbed a sharply again last month as the 10-week war with Iran pushed energy prices higher.
