Inflation tops 4% for the first time in 3 years on spike in gasoline prices

Energy costs accounted for more than 60% of the monthly rise in the consumer price index in May. Joe Raedle/Getty Images North America hide caption toggle caption Joe Raedle/Getty Images North America Soaring gasoline prices, triggered by the U.S. war with Iran, have pushed inflation to its highest level in more than three years. A report from the Labor Department Wednesday showed consumer prices in May were up 4.2% from a year ago. That's the biggest annual increase since April of 2023. …