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, with the Consumer Price Index rising 0.5% from April and 4.2% from a year earlier, according to data released Wednesday by…
e Bureau of Labor Statistics. The annual rate matched economists’ expectations but marked the highest inflation reading since April 2023 and an acceleration from the 3.8% rate recorded in April
Energy was by far the largest contributor to the increase. The…