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Airfare, gas, fuel oil spike as US inflation tops 4% for first time since April 2023
Three months into the Iran War, the Consumer Price Index rose to 4.2%
NEW YORK —
Inflation surpassed 4% for the first time in three years in May, a report by the U.S. Bureau of Labor Statistics (BLS) showed. The 4.2% year-over-year change in May is a sharp increase from the 2.4% inflation rate before the start of the U.S. war with Iran.
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The Iran War, which crossed the 100-day mark on Tuesday, continues to disrupt global energy supplies and drive up prices. Energy saw the biggest increases among the goods surveyed by the BLS.
BLS data showed gasoline increased 40.5% year-over-year, while fuel oil rose 58.9% from a year earlier.
In May 2026, the average price for regular motor gasoline was $4.48 per gallon. This is up 9.2% from April 2026 and up 42.2% from the previous year, according to the Bureau of Transportation Statistics.
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Aside from energy, many goods and services saw prices rise last month. Airline fares rose 26.7% year-over-year, and so did clothing costs, which saw a 4.8% annual change.
Food costs, however, aren’t contributing to the spike. Grocery prices inched up 0.1% from the previous month, with increases in the indices for nonalcoholic beverages, cereals and bakery products and fruits and vegetables.
