US inflation hits 3-year high amid soaring energy costs; Trump says 'I like inflation'

U.S. inflation surged to its highest level in three years in May, reaching an annual rate of 4.2 percent, according to the Bureau of Labor Statistics. The monthly increase was 0.5 percent, driven significantly by a sharp rise in energy prices.

Energy costs accounted for over 60 percent of the increase in the Consumer Price Index. The ongoing conflict and tensions in the Middle East have led to a spike in global oil prices, with Brent crude nearing $95.40 per barrel amid concerns over energy supply disruptions.

American consumers are feeling the pinch at the pump, with gasoline prices jumping 40.5 percent compared to last year. Filling up a car that previously cost $40-$50 now requires $60-$70. Since February, the increased fuel costs have added approximately $59 billion to Americans' expenses, averaging about $750 per household.

Rural households are disproportionately affected, reportedly spending an additional $26 weekly on gasoline alone. Economists warn that these costs could continue to rise if disruptions in the Strait of Hormuz persist. The impact extends beyond fuel, with prices for coffee up 17.5 percent, tomatoes 32 percent, lettuce nearly 25 percent, beef 16 percent, and sausage 11 percent compared to last year.

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I like inflation.