Iran War Sends Gas Prices Higher, Lifting U.S. Inflation To 3.8% Annually

We just got the April Consumer Price Index, a key measure of inflation. It shows that prices are rising as the Iran war creates oil supply shocks. Let's take a look at this chart.Month-over-month inflation was 0.6% in April after hitting 0.9% in March. The last time we saw numbers like this was back in 2022, when inflation was at a 40-year high. That leads us to this annual inflation chart, which shows that overall inflation hit 3.8% in April.So-called core inflation, which excludes volatile food and energy ...