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.
3 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.
3 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.
3 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.
3 months agoInflation rose for a third consecutive month amid the Iran war, matching expectations.
3 months agoUS consumer inflation surged to a fresh three-year high in May, according to official data released on Wednesday, as increased energy prices rippled through the world’s largest economy. The consumer price index (CPI) rose 4.2 per cent year on year, up from April’s 3.8 per cent figure, the US Bureau of Labour Statistics said. It was the highest reading since April 2023, according to official data, but in line with analyst expectations. The US-Israel war against Iran, launched in late February,...
3 months agoPrices rose 4.2% for the year ending in May as inflation hit a three-year high, the government said Wednesday in a report that underscored the impact of war-related shocks to energy costs.
3 months agoAmerica’s inflation level hit 4 per cent for the first time in three years in May, driven by surging gas prices from the Iran war.
3 months agoInflation 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.
3 months agoThe annual inflation rate increased to its highest point in three years as the cost of energy and other goods rose due to the Iran war, according to data released by the Department of Labor on Wednesday. The consumer price index (CPI), a popular gauge of inflation, rose 4.2 percent over the past 12 months...
3 months agoPrices have been rising in recent weeks, driven in large part by fuel costs surging from the ongoing Iran war.
3 months agoBefore the conflict began, inflation was at 2.4%, but the closure of the strait of Hormuz has affected energy pricesUS inflation jumped to an annual rate of 4.2% in May, the third consecutive monthly increase since the start of the Iran war and a three-year high, as Americans continue to face steep oil prices.Prices have increased sharply over the past several months, rising at an annual rate of 3.3% in March before going up to 3.8% in April. In February, before the conflict began, inflation was at 2.4%. Continue reading...
3 months agoInflation shot past 4% in May for the first time in three years as higher energy costs amid the war in Iran weighed on prices.
3 months agoInflation hit 4 percent for the first time in three years in May, driven by surging gas prices from the Iran war.
3 months ago
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