Key Fed inflation gauge rises to three-year high in May after gas prices peaked (opens in new tab)

Consumer prices rose 4.1% in May from a year earlier – a sign rising costs could pose problem for Trump in midtermsThe 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 Donald Trump and his political party as midterm elections near.Consumer prices rose 4.1% in May from a year earlier, the US commerce department said Thursday, the largest annual increase since April 2023. On a monthly bas...