US inflation jumped to 4.2% in May amid Middle East energy shock

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US inflation surged to 4.2% in May, marking a three-year high and the third consecutive monthly increase since the Iran war began. Before the conflict, inflation stood at 2.4% in February, rising to 3.3% in March and 3.8% in April. This upward trend is driven by steep oil prices resulting from the closure of the strait of Hormuz, which has significantly impacted energy costs for Americans during this period.