Inflation surged to 3.8% in April, its highest level in nearly three years
Inflation surged to 3.8% in April, its highest level in nearly three years, according to data released Tuesday, as the war in Iran causes a ripple effect across the economy and energy prices surge.
As inflation continues to accelerate, it’s eating into Americans’ wages at a rapid clip. April’s inflation rate means that prices are now rising faster than wages, which could exacerbate the affordability crisis that has already been gripping consumers.
Increased energy costs are “accounting for over forty percent of the monthly all items increase,” said the Bureau of Labor Statistics.
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