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U.S. May inflation largely met expectations, with energy costs continuing to be a drag factor

BlockBeatNews
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BlockBeats News, June 10 — The U.S. Department of Labor announced on Wednesday that the Consumer Price Index (CPI) for May increased by 4.2% year-over-year, accelerating from the 3.8% in the previous month. This is the highest year-over-year growth rate since April 2023, indicating that high energy costs caused by the conflict with Iran continue to push prices higher. Since the U.S. and Israel launched attacks against Iran in late February, Americans have been feeling the pain of rising oil prices. The increase in energy costs has undermined consumer confidence. Currently, there are almost no signs that oil tankers can obtain continuous passage permits through the Strait of Hormuz, which means that supply pressures in the global energy market are expected to persist.
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