Key inflation gauge jumps to 3-year high in latest sign of affordability challenges (opens in new tab)

A customer readies to pump gas at this Ridgeland, Miss., Costco, Tuesday, May 24, 2022. s. (AP Photo/Rogelio V. Solis, File)2026-06-25T12:41:48Z WASHINGTON (AP) — The Federal Reserve’s preferred inflation gauge rose to a new three-year high in May as gas prices peaked, a sign rising costs could pose political problems for President Donald Trump and his political party as near. Consumer prices rose 4.1% in May from a year earlier, the Commerce Department said Thursday, the largest annual incre...