As Iran war drags on, spiking energy prices send inflation to 3-year high
Summary
Rising energy prices caused inflation to reach its highest point in three years in May, increasing by 4.2% compared to the previous year. The cost of energy made up over 60% of this increase, while inflation without food and energy prices rose by 2.9%.Key Facts
- Inflation in May rose 4.2% compared to the same month last year.
- Energy prices were responsible for more than 60% of the inflation increase.
- Core inflation, which does not include food and energy costs because they change often, increased by 2.9%.
- The Labor Department provided the inflation data.
- Rising energy costs are partially linked to ongoing conflicts in Iran.
- Geoff Bennett and Roben Farzad discussed the inflation report on Full Disclosure.
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