Searing U.S. energy prices are driving the hottest inflation in years

The global oil supply shock stemming from the Iran war is scorching U.S. motorists and other consumers, new federal data makes clear. Higher energy prices accounted for 40% of the total jump in inflation in April, when the Consumer Price Index surged at an annual rate of 3.8% — the fastest increase in nearly three years. The index for gasoline prices last month was up more than 28% from a year ago, the Department of Labor found. …