The Iran war’s oil price shock drove the Federal Reserve’s preferred inflation gauge to 3.8% last month, its highest rate in nearly three years, new data showed Thursday.

The Iran war’s oil price shock drove the Federal Reserve’s preferred inflation gauge to 3.8% last month, its highest rate in nearly three years, new data showed Thursday.

America's inflation rate has reached a three-year peak. Higher energy costs are a major factor. This situation is expected to keep interest rates unchanged for some time. Tax…