A key inflation gauge in the U.S. surged to its highest level in three years in April, driven by rising gas and food prices. This increase is eroding Americans' purchasing power and financial stability.

A key inflation gauge accelerated in April to the highest level in three years, the latest sign that spiking gas prices and higher food costs are squeezing Americans’ finances. Inflation jumped to 3.8 per cent in April compared with a year ago, the Commerce Department said on Thursday, up from 3.5 per cent in March and the highest since May 2023. On a monthly basis, prices rose 0.4 per cent, down from the 0.7 per cent jump in March. The report showed that prices have risen for many items in...