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

www.cbsnews.com·Mary Cunningham·20 days ago
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May 12, 2026 / 4:19 PM EDT / CBS News Add CBS News on Google 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. Overall energy costs — which includes gas, heating oil and electricity — last month rose nearly 18% from a year ago.  For millions of workers, the spike in prices over the last two months means inflation is now outpacing wage growth, Wall Street analysts noted.…

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