economy
Inflation rose to 3.8% in April, highest since 2023, as Iran war raised energy prices
Inflation rose five-tenths of a percentage point to 3.8% for the year ending in April, the Bureau of Labor Statistics reported Tuesday, as disruptions to the energy market from the Iran war added to underlying price pressures.
TL;DR
- Inflation reached 3.8% for the year ending in April, a five-tenths of a percentage point increase.
- The Iran war disrupted the energy market, causing crude oil prices to jump from $67 to $100 a barrel.
- Restaurant prices increased by 3.6%, beef and veal by 14.8%, fruit and vegetables by 6.1%, clothing by 4.2%, and electricity by 6.1%.
- Used car prices decreased by 2.7%.
- Shelter costs jumped 0.6% in April.
- Core inflation, excluding food and energy, rose to 2.8%.
- The Federal Reserve has held interest rates steady but faces pressure to cut them.
- The unemployment rate remained steady at 4.3% with 115,000 jobs added in April.