The war on Iran has pushed up fuel and grocery costs, squeezing household budgets across the US
US inflation accelerated to a three-year high in May as soaring energy costs linked to the US-Israeli war on Iran pushed prices higher across the economy, according to government data. Food prices also rose sharply.
Consumer prices rose 4.2% from a year earlier and increased 0.5% on a monthly basis, with higher gasoline costs adding pressure on household budgets across the country, the Bureau of Labor Statistics (BLS) said on Wednesday. Energy prices accounted for more than 60% of the monthly rise in the Consumer Price Index.
The data comes as the US…
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