Inflation soared to 3.8% in Apr., driven by gasoline prices
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Iran War Surges Inflation
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The annual inflation rate shot higher in April as the war in Iran drove up energy and food prices, according to data released Tuesday by the Labor Department. The consumer price index (CPI), a popular gauge of inflation,
For the first time in three years, Americans’ wages are no longer outpacing inflation.
Wary consumers may finally pull back on spending amid broad price hikes. “The squeeze is real,” Navy Federal Credit Union Chief Economist Heather Long said.
U.S. consumer prices climbed a sharply again last month as the 10-week war with Iran pushed energy prices higher.
Fast-rising gas prices lifted the Federal Reserve’s preferred inflation gauge to 3.5% in March, its highest rate in almost three years, new data showed Thursday.