US Inflation Reaches Highest Level In 3 Years
Inflation across the US surged in May to the highest level since early 2023, as fuel costs related to the US-Iran war continue to impact the broader economy. The Consumer Price Index (CPI) reached 4.2% for May, rising from 3.8% in the month prior, according to a report from the Bureau of Labor Statistics (BLS) According to the BLS report, energy prices accounted for more than 60% of the monthly CPI increase, with gasoline prices jumping 40.5% compared to last year. Rising energy costs have also affected other categories where it accounts for a large portion of the overall cost, including airline fares, which are up 27% compared with last year. Food at home, which accounts for grocery costs, rose 2.7% from a year earlier. Electricity prices increased by 0.6% in May, contributing to a 5.9% rise over the last 12 months.
As featured on
Half of millennials and one-third of Gen Xers are still financially dependent on their parents, according to a new survey.
