Iran-Israel War Oil Surge and AI Costs Drive US Inflation to Three-Year High

US PCE inflation reached 4.1 percent in May, highest since April 2023, as the Iran-Israel war drove gasoline to three-year highs and AI component costs pushed core inflation to 3.4 percent. Nine Federal Reserve officials now project a rate hike before year-end.

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Covers Personal Income and Outlays, May 2026