Inflation hit its highest level in three years, driven in part by a sharp jump in gas prices, according to a new report from the Labor Department. The Consumer Price Index rose to 4.2 percent, up from 3.8 percent the previous month. That is the highest rate since April 2023.
Gas prices are up 40.5 percent compared to last year, while airfare has climbed 26.7 percent.
Economists say the war in Iran is playing a major role in the increases. The closure of the Strait of Hormuz is disrupting the global supply chain, putting upward pressure on energy costs…