Inflation Surges to Highest Level in Nearly 2 Years as Energy Costs Spike

Inflation has surged to its highest level in nearly two years, driven primarily by spiking energy costs linked to the Iran war and Strait of Hormuz disruptions. The data confirms what consumers have felt at the pump and in grocery aisles as the conflict's economic fallout ripples through the domestic economy. The report puts pressure on both the Federal Reserve's interest rate path and the administration's narrative that the ceasefire is stabilizing the economy.