The US economy expanded less than initially estimated in the first quarter, government data showed Thursday, while a key inflation gauge separately hit a three-year high on fallout from the Middle East…

The report shows that the economy was growing at a relatively strong clip as the war with Iran began. Since then, inflation has soared.

The US economy expanded less than initially estimated in the first three months of the year, government data showed Thursday, with investment and consumer spending revised lower.…