Inflation hit a three-year high in April, with consumer prices rising 3.8% over the past year and 0.6% in April, according to BLS data.
Energy prices surged 3.8% in April and nearly 18% annually, driven by gasoline and fuel oil increases of 28% and 54%, respectively, due to the Strait of Hormuz closure from the U.S.-Iran war.
Grocery prices rose 0.7% in April, the largest monthly jump since August 2022, with food-at-home costs soaring 13.5% annually—the biggest increase since March 1979.
Inflation is now rising faster than workers’ pay, with wage growth at 3.6% and inflation at 3.8%, reversing the positive trend seen since mid-2023 where wages outpaced prices.
Core inflation, excluding fuel and food, stood at 2.8% annually, still above the Federal Reserve’s 2% target, while political fallout threatens the Trump administration as rising inflation cancels wage gains.
With oil and gas prices shooting higher, a key metric for measuring inflation hit its highest level in three years in April. Consumer prices are up 3.8% over the past year after rising 0.6% in April, the Bureau of Labor Statistics (BLS) reported on Tuesday, May 12.
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