Inflation Remains High as Iran War Pushes Up Energy Costs

“Inflation Remains High as Iran War Pushes Up Energy Costs” The Consumer Price Index reported 3.8% year-over-year inflation in April, the highest since May 2023, driven by rising energy costs related to the Iran war and the closure of the Strait of Hormuz. Gasoline prices have increased significantly, from $3.00 to $4.50. Excluding volatile items, inflation remains above the Federal Reserve’s 2% target.