Brief by Shorts91 Newsdesk / 06:33pm on 12 May 2026,Tuesday International
US inflation climbed to 3.8% in April, marking its highest level since May 2023, as rising energy and food prices intensified pressure on American households amid the ongoing Iran conflict. Data released by the Bureau of Labor Statistics showed surging gasoline prices accounted for nearly half of the increase after disruptions in the Strait of Hormuz drove global oil prices sharply higher. Airfares and grocery costs also increased, while wage growth slipped below inflation for the first time in three years. The figures have weakened expectations of interest rate cuts by the Federal Reserve and created fresh political pressure for Donald Trump ahead of the midterm elections. (PC: BBC)
