U.S. inflation increases to a three-year high in May, with the annual consumer price index rising to around 4% as energy costs climb amid the war involving Iran. Multiple outlets report that the CPI reaches 4.2% year over year in May, the highest level in about three years, after 3.8% in April and 3.3% in March. The Labor Department data released this week shows inflation is being driven largely by higher energy prices, particularly gasoline, which have moved up as war-related tensions affect global fuel supply and prices. One report notes energy accounts for more than 60% of the increase, while core inflation—excluding volatile food and energy—rises more moderately to about 2.9%. Several summaries connect the acceleration to the period since the Iran war began in late February, describing a tightening of energy supply (including impacts related to the Strait of Hormuz) and a resulting surge in fuel costs. The reported figures are broadly described as meeting analyst expectations, though they mark a renewed upward trend with multiple consecutive monthly increases.
U.S. inflation rises to about 4% in May as Iran war lifts energy prices
U.S. inflation increases to a three-year high in May, with the annual consumer price index rising to around 4% as energy costs climb amid the war involving Iran. Multiple outlets report that the CPI r...
- The U.S. CPI rises to 4.2% year over year in May, the highest level in about three years.
- Energy and gasoline prices are the main driver of the May inflation increase.
- Core inflation excluding food and energy increases more moderately (about 2.9% annually, per one report).
- Inflation is higher than in April (3.8%) and March (3.3%), after a lower rate before the Iran war (about 2.4% in February, per one report).
- The acceleration is linked in multiple reports to the Iran-related conflict and its impact on global energy supply and prices.
The Commerce and Industry Ministry on Monday released the latest Wholesale Price Index data based on a revised base year of 2022-23, replacing the earlier 2011-12 series.
2 months agoSpiking energy prices sent inflation to a three-year high in May, up 4.2% annually. The Labor Department said the cost of energy was responsible for over 60% of the increase. Core inflation, which strips out volatile food and energy prices, was up a more modest 2.9%. Geoff Bennett discussed more with Roben Farzad of Full Disclosure.
2 months agoAmerica’s consumer prices rose at a faster rate for a third-straight month in May, to 4.2 per cent annually, as the energy shock put more pressure on the US economy.
2 months agoHousehold budgets are under increased pressure as new Consumer Price Index data shows inflation rose to 4.2%, the highest level since April 2023. The Federal Reserve will meet later in June to discuss interest rates. CBS News' Kelly O'Grady breaks it down.
2 months agoInflation rose for a third consecutive month amid the Iran war, matching expectations.
2 months ago
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