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U.S. inflation hits three-year high due to energy costs
The inflation rate in the United States rose to its highest level in three years during May, reaching 4.2% year-over-year. This increase was driven by a 23.5% surge in energy prices, with gasoline prices jumping significantly by 40.5%. The rise was fueled by the ongoing conflict in the Middle East and the repercussions of the closure of the Strait of Hormuz, which led to higher living costs and put pressure on the U.S. economy ahead of the midterm elections. Experts indicate that inflation may have peaked and expect a decline in the coming months as fuel prices stabilize.
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