US inflation hits three-year high as energy prices surge amid Iran tensions
By
Andy Hirschfeld
Summary
US consumer inflation hit a three-year high in May, rising 0.5% month-over-month and 4.2% year-over-year, driven primarily by a 3.9% surge in energy prices amid tensions with Iran. The data has sparked fears of interest rate hikes by the Federal Reserve, causing US markets to stumble ahead of the Fed's next policy meeting.
Source
bskyUS inflation hits three-year high as energy prices surge amid Iran tensionsaljazeera.comKey quotes
· 3 pulledConsumer inflation in the United States increased at the fastest pace in three years as surging oil prices amid tensions with Iran weigh on global energy markets
Inflation rose by 0.5 percent in May compared with the prior month, following a 0.6 percent jump in April
The increase is largely driven by a surge in energy prices, which rose by 3.9 percent in May
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