Prices for consumer goods rose faster than expected in April, with food and energy prices driving the spike, the Bureau of Labor Statistics said.

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.

The consumer price index was expected to increase by 3.7% annually in April, according to the Dow Jones consensus.

The Iran war has pushed up gasoline, groceries and other prices for consumers.

Prices for consumer goods rose faster than expected in April, with food and energy prices driving the spike, the Bureau of Labor Statistics said.

Consumer prices spike in April, driven by soaring energy costs, with petrol prices up nearly 30 percent since last year.