As Iran war drags on, spiking energy prices send inflation to 3-year high

Spiking energy prices sent inflation to a three-year high in May, up 4.2% annually. The Labor Department said the cost of energy was responsible for over 60% of the increase. Core inflation, which strips out volatile food and energy prices, was up a more modest 2.9%. Geoff Bennett discussed more with Roben Farzad of Full Disclosure. Notice: Transcripts are machine and human generated and lightly edited for accuracy. They may contain errors.

Geoff Bennett:

And those spiking energy prices sent inflation to a three-year high in May, up 4.2 percent annually. The Labor Department said the cost of energy was responsible for over 60 percent of the increase. Core inflation, which strips out volatile food and energy prices, was up a more modest 2.9 percent.It comes as renewed fighting in Iran threatens to extend disruptions in the Strait of Hormuz, the crucial energy choke point responsible for transit of roughly a fifth of the world's oil supply.For more, we're joined now by Roben Farzad, host of public radio's "Full Disclosure."Roben, it's good to see you.

Roben Farzad:

Thank you, Geoff.