US inflation jumped to 3.8% in April as war with Iran continues to drive up prices

US inflation jumped to 3.8% in April as the war in the Middle East continued to drive energy prices and everyday costs for Americans. Prices rose 3.8% over the last year, according to the data from the Bureau of Labor Statistics, the highest jump since 2023. This is the second official measure of the consumer price index, which measures the price of a basket of goods and services, since the start of the war with Iran. In March, prices rose 3.3%, up from 2.4% in February. Line chart of the US inflation rate Energy prices rose 3.8% in April, accounting for over 40% of the overall monthly increase. Gas prices were up 28.4%, an increase many Americans have already noticed at the pump. The national average price for a gallon of gas has been steadily increasing in the months since the US-Israel war with Iran began, and stands at more than a dollar higher than a year ago, according to data from AAA. Higher energy prices directly stems from the ongoing closure of the strait of Hormuz, where a fifth of the world’s oil and gas would typically pass through. Oil prices continued to climb Monday after Donald Trump called Iran’s response to US peace proposals “totally unacceptable”. Iran suggested a shorter moratorium period and refused to dismantle its nuclear facilities. Airfares also rose 20.7%, an increase that many travelers are already starting to notice. …