Inflation rose to 4.2% in May, highest in three years, as Iran war spiked energy prices

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The Bureau of Labor Statistics reported that inflation rose to 4.2% for the year ending in May, the highest level since April 2023. This increase of four-tenths of a percentage point was driven by a spike in U.S. energy prices resulting from the Iran war. The Consumer Price Index surged last month, reflecting an annual rate that topped 4% as high energy costs pushed the headline inflation number to a three-year peak.
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