Add Axios as your preferred source to
see more of our stories on Google.
Inflation surged to its highest rate in over three years, catapulted by rising energy costs that are increasingly squeezing American households.
Why it matters: At least for now, this does not look like the broad-based inflation that defined the post-pandemic surge. Instead, consumers are absorbing the fallout from the Iran war mostly through higher gasoline and energy bills.
What they're saying: "Inflation pressures were muted in May outside areas directly impacted by the jump in energy prices," Pantheon Macro economist Sam Tombs wrote in a note.
