The consumer price index rose 4.2% in May, driven largely by energy costs that are up about 24% year over year.

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

US inflation climbed to a fresh three-year high in May, driven largely by rising energy prices linked to global supply disruptions following the Iran conflict, according to…