US inflation jumps to 3.8% as energy costs surge from Iran war

10 minutes agoArchie MitchellBusiness reporterGetty ImagesUS prices rose in April at their fastest rate since May 2023 as the impact of the war in Iran was increasingly felt by consumers. A jump in the cost of gasoline and groceries pushed the consumer price index (CPI), the amount prices jumped by in the past 12 months, to 3.8%. It is the highest level since inflation hit 4% three years ago. The Bureau of Labor Statistics (BLS) said almost half of the rise was driven by surging energy costs, while housing and food costs also contributed.