US inflation rises to 3.8% in April, highest since May 2023, driven by Iran war energy costs
By
Archie Mitchell
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Summary
US inflation rose to 3.8% in April, its highest level since May 2023, driven primarily by surging gasoline and grocery costs as consumers increasingly feel the economic impact of the war in Iran. The Bureau of Labor Statistics reported that nearly half of the increase was fueled by energy price spikes, marking the highest inflation reading since it hit 4% three years ago.
Key quotes
· 4 pulledUS prices rose in April at their fastest rate since May 2023 as the impact of the war in Iran was increasingly felt by consumers.
A jump in the cost of gasoline and groceries pushed the consumer price index (CPI), showing the rate prices rose by in the past 12 months, to 3.8%.
It is the highest level since inflation hit 4% three years ago.
The Bureau of Labor Statistics (BLS) said almost half of the rise was driven by sur
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