A key inflation gauge accelerated in April to the highest level in three years, squeezing Americans’ finances and creating political challenges for President Trump and congressional Republicans with midterm elections just five months away.

A key inflation gauge accelerated in April to the highest level in three years, the latest sign that spiking gas prices and higher food costs are squeezing Americans’ finances.

High gas prices pushed up inflation again last month while adding to Americans’ financial strain: Households are saving at the lowest rate in nearly four years, a new report…