World
US consumer prices hit 3-year high as energy costs surge from Iran conflict
US consumer prices rose 3.8% year-over-year in April 2026, the highest since May 2023, driven by a 28.4% surge in gasoline prices amid the US-Israel conflict with Iran. Energy costs pushed up airline fares and food prices, while the White House called the increases temporary. Economists expect the Fed to hold interest rates steady through the rest of the year.