The numbers tell a story markets wish they could ignore. U.S. inflation climbed to 3.8% in April 2026. That marks the highest reading since May 2023. Core measures followed higher too. Yahoo Finance reported the PCE rate hit 3.8%, up from 3.5% the prior month. Core PCE reached 3.3%, its highest level since November 2023. Stocks had rallied nearly 11% for the year. Yet fresh price data delivered an unwelcome reminder. Persistent pressure on costs could force the Federal Reserve to rethink its path. Higher rates might follow. Equity gains would suffer. Energy explains much of the immediate jump. Conflict with Iran sent oil prices soaring. Gasoline climbed sharply. Fuel oil recorded even steeper increases. The result showed up fast in headline figures. Yet analysts warn the forces at work run deeper. They stretch beyond one geopolitical shock. Tariffs. Fiscal expansion. Shifts in labor supply. Each adds its own momentum. Together they create conditions where prices refuse to settle.…