US May inflation rises to 4.2%, driven by energy costs

WASHINGTON, United States — WASHINGTON — US annual inflation climbed to 4.2% in May, reaching its highest level in three years, the Bureau of Labor Statistics said Wednesday. The figure marks the highest annual rate since the 4.9% recorded in April 2023. The agency attributed the increase primarily to a 23.5% surge in energy prices, which it linked to the impact of US and Israeli operations against Iran. The Consumer Price Index rose 0.5% on a monthly basis in May. Tensions in the Middle East, threats to navigation through the Strait of Hormuz, and uncertainty surrounding negotiations between Washington and Tehran have continued to push oil prices higher, feeding volatility in global markets. No further details on the underlying data were immediately available.