Consumer prices rose 4.2% in May from a year earlier, up from 3.8% in April and the third straight increase.
The index follows a separate gauge of consumer sentiment released last week by the University of Michigan, which fell to a record low this month.
The snapshot offers only a partial look at consumer spending and doesn’t include things like travel and hotel stays.
Lower interest rates can boost the economy and hiring, but also tend to fuel inflation.
The White House says Trump is focused on tax cuts, deregulation and boosting U.S. energy production to drive down prices.
It’s the first read on inflation to capture the effects of the Iran war.
President Trump says his administration will tap the Strategic Petroleum Reserve to try and reduce gas prices that have risen due to the Iran war.
Surging oil prices jolted other financial markets, as share benchmarks in Japan and South Korea plunged more than 5%.
Prices at the pump are going up as a result of the war in Iran, including right here in Nevada.
The Regional Transportation Commission in Washoe County says the price at the pump will go up about 3.5 cents a gallon.
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