US consumer inflation reached a three-year high of 4.2% year-on-year in May, driven by increased energy prices stemming from the ongoing conflict. This marks the highest reading since April 2023.

US consumer inflation surged to a fresh three-year high in May, according to official data released on Wednesday, as increased energy prices rippled through the world’s largest economy. The consumer price index (CPI) rose 4.2 per cent year on year, up from April’s 3.8 per cent figure, the US Bureau of Labour Statistics said. It was the highest reading since April 2023, according to official data, but in line with analyst expectations. The US-Israel war against Iran, launched in late February,...