US inflation jumped to 4.2% in May, the third consecutive increase since start of Iran war

US inflation reached an annual rate of 4.2% in May, marking the third consecutive monthly rise since the commencement of the Iran war and hitting a three-year peak. This increase is attributed to persistently high oil prices impacting American consumers. The inflation rate has seen a steady climb over recent months, escalating from 3.3% in March to 3.8% in April. Prior to the conflict's initiation in February, the inflation rate stood at 2.4%. The closure of the Strait of Hormuz, a critical maritime chokepoint, has been identified as a significant factor contributing to the surge in energy prices, thereby influencing the overall inflation figures. This trend indicates a sustained upward pressure on consumer prices, with energy costs playing a pivotal role in the escalating economic conditions.