US inflation climbed to its highest level in nearly a year in April, increasing pressure on American households already struggling with rising living costs.
New data released by the Bureau of Labor Statistics showed consumer prices rose 0.6 percent in April compared with the previous month, pushing annual inflation to 3.8 percent.
The figure was slightly above economits’ expectations of 3.7 percent and marked the highest annual inflation rate since May 2023.
The latest increase means wage growth in the United States is no longer outpacing inflation for the first time in three years, further squeezing household budgets.
Analysts said rising energy prices linked to the ongoing US-Israeli conflict with Iran have contributed to the inflation surge, particularly through higher fuel and transportation costs.
Economists had expected monthly inflation to rise by 0.6 percent, matching the latest result.
The inflation data comes as financial markets closely monitor the impact of the Iran conflict on global oil supplies and consumer prices.
Higher inflation could also complicate future decisions by the US Federal Reserve on interest rates as policymakers attempt to balance economic growth with efforts to control rising prices.
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