State of the Union: A third consecutive increase in consumer price inflation was driven primarily by rising energy prices. The post Inflation Soars to Highest Level Since April 2023 appeared first on The American Conservative .
Inflation rose to 4.2 percent year-over-year in May, the highest level since April 2023, according to the Bureau of Labor Statistics consumer price index report. Energy shocks from the Iran War accounted for 60 percent of the price increases. Energy prices continued to soar, rising by 3.9 percent, following a 3.8 increase in April and 10.9 increase in March. Exempting volatile items like food and energy, inflation rose 2.9 percent, still above the Federal Reserve’s 2 percent target. This report marks the third consecutive increase in consumer price inflation, which had stabilized in the months before the war in Iran began. The Federal Reserve group responsible for monetary policy is scheduled to meet on June 16-17, as financial…Open
NewsNation’s “The Hill Sunday” host Chris Stirewalt dives deep into the biggest news this weekend, including the latest updates on the conflict with Iran and the upshot for the 2026 midterms after the Supreme Court added fuel to the nationwide redistricting fire. Plus, watch exclusive interviews with former National Security Advisor John Bolton, former National Economic Council Director Gene Sperling, RealClearPolitics Senior Elections Analyst Sean Trende and Atlantic Staff Writer Thomas Chatterton Williams.
Data: Federal Reserve Bank of New York ; Chart: Courtenay Brown/Axios American consumers are bracing for an Iran war inflation jolt, though they don't anticipate the effects will linger. - That's the upshot of the New York Federal Reserve Bank's March Survey of Consumer Expectations, the first to capture sentiment since the war began. Why it matters: So far, that is more consistent with a one-time inflation surge than the alternative outcome that might alarm the Fed: signs of unmooring in long-run inflation expectations. By the numbers: Median one-year inflation expectations jumped 0.4 percentage point, to 3.4%, last month, according to the New York Fed. It was driven by a surge in gas price expectations, to the highest level since…
