Inflation spikes to 4.2% in May, highest in three years
U.S. inflation rose by 0.5% in May, coming up to 4.2% over the past 12 months, according to data from the U.S. Bureau of Labor Statistics released on Wednesday. The inflation rate is now the highest it has been in the past three years. The index for energy prices rose by 3.8% in May after rising 3.8% in April and 10.8% in March. The energy index accounted for more than 60% of all monthly item increases. Heather Long, chief economist at Navy Federal, pointed out that the inflation rate in February, before the U.S. conflict with Iran, was at 2.4%. “Americans are getting ...