US inflation jumped to 3.8% in April as the war in the Middle East continued to drive energy prices and everyday costs for Americans.
Prices rose 3.8% over the last year, according to the data from the Bureau of Labor Statistics, the highest jump since 2023.
Energy prices rose 3.8% in April, accounting for over 40% of the overall monthly increase.
Those readings were similar to how Americans were feeling in 2022, when inflation reached peak highs.
It’s not just Americans who are feeling the costs of the war: Australia, Canada, South Korea and other countries have all reported rapidly rising inflation.
The Fed typically raises interest rates during times of heightened inflation in order to cool spending and ease prices.
The Fed has long cited a target inflation rate of 2%, though rates have stubbornly remained higher. »