U.S. inflation climbed above 4% for the first time in three years in May as rising energy costs tied to the Iran war pushed consumer costs sharply higher

Inflation has surged to its highest level in more than three years since the U.S. and Israel launched their war on Iran, triggering a surge in gasoline prices.

Consumers and U.S. workers are feeling the pinch of a wage growth rate that lags behind the rate of inflation.

Soaring prices push consumers’ wallets to the brink