Inflation tops 4% for the first time in three years as Iran war drives energy costs higher

Inflation surpassed the 4% mark in May, marking the first time this threshold has been exceeded in three years. This increase in prices was driven largely by rising energy and fuel costs, which surged as a direct result of the ongoing war in Iran. Recent weeks have seen a consistent rise in prices, reflecting the significant impact that the conflict in Iran is having on global energy markets and overall inflationary pressures.