Energy Prices Drive U.S. Inflation To Three-Year High

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 the 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…