The increase was largely driven by more expensive gas, as well as pricier semiconductors and other computer equipment that are in high demand for the AI buildout.

Traders anticipate the central bank hiking interest rates amid high inflation.

The Federal Reserve’s preferred inflation gauge rose to a new three-year high in May as gas prices peaked, a sign rising costs could pose political problems for President Trump as…

US inflation surged past 4.0% in May, driven by Middle East conflict-fueled energy prices, marking the highest increase in three years. This development pushes the Federal Reserve…