U.S. Inflation Hits Three-Year High as Gasoline Prices Surge

Inflation rose for a second consecutive month as the US-Israeli conflict with Iran continued to drive gasoline prices higher in April, according to government data released recently.

Prices of commodities continue to rise across the United States..

The inflation report matched economists’ expectations, Max Zahn reported for Good Morning America.

Consumer prices rose 3.8% in April compared with a year earlier, up from an annual inflation rate of 3.3% in March. According to data from the US Bureau of Labor Statistics, annual inflation climbed to its highest level in three years.

As recently as February, inflation stood at 2.4%, only slightly above the Federal Reserve target rate of 2%.

The increase in prices last month was driven largely by higher costs for products affected by the global oil shock. Gasoline prices rose 5% in April from the previous month, the BLS report said, while airline fares increased 2.8%.

Higher energy prices have raised transportation and household utility costs, squeezing consumer budgets and outpacing many wage increases.