Inflation jumps to its highest level since 2023. Here are 3 things costing a lot more

Gasoline prices have jumped about $1.50 a gallon since the U.S. launched its war with Iran. Rising fuel prices are a big driver of overall inflation. Ronaldo Schemidt/AFP hide caption toggle caption Ronaldo Schemidt/AFP The U.S. war with Iran has pushed inflation to its highest level in almost three years. Consumer prices in April were up 3.8% from a year ago, according to a report Tuesday from the Labor Department. That was the biggest annual increase since May 2023. Prices rose 0.6% between March and April. From gas prices to housing, here are three things to know about the rising cost of living. Gas prices are a big driver Gasoline prices have jumped sharply since the war began, snarling tanker traffic in the Strait of Hormuz, a vital corridor for energy shipments. The average price of regular gas is $2.50 a gallon, according to AAA. That's up 38 cents from a month ago. The jump in energy prices accounted for 40% of the monthly increase in the consumer price index in April. Rising fuel costs are affecting other prices as well When energy costs jump sharply, it can have spillover effects. Air fares, for example, jumped 2.8% last month and are more than 20% higher than they were a year ago, as airlines struggle with a spike in jet fuel prices. The cost of diesel fuel has risen by $1.88 a gallon since the war began. If that lasts, it could put upward pressure on the price of everything that's delivered by truck or train. …