Americans don’t need a press release to know that inflation is rising. Gasoline is above $4 per gallon amid the ongoing conflict in the Middle East and closure of the Strait of Hormuz , and the release of key price data on May 28 underscores why policymakers are worried these pressures could spread into the broader economy. The report offered a mixed but still uncomfortable picture. The month-to-month rise was softer than expected, but the change year over year still points to concern: a 3.8% jump from a year earlier, the fastest pace since 2021, and a less volatile index that excludes food and energy up 3.3%. This increase suggests inflation isn’t limited to gasoline. Housing, utilities, and recreational spending are also keeping underlying inflation elevated, even as other data shows a slowing economy and weaker income growth . As finance and applied investments professors who study how businesses make decisions amid uncertainty , we have been watching this tension build.…