US Inflation Hits 4.2% Amid Ongoing Iran Conflict
US inflation rises to 4.2% in May, marking the third consecutive increase since the Iran war began. This is the highest rate in three years, driven by soaring oil prices due to the closure of the Strait of Hormuz. Inflation was at 2.4% in February before the conflict started.
Why it matters
Rising inflation impacts Australian consumers by increasing costs for imported goods, particularly energy, affecting household budgets.
Read the full story at The Guardian AU→