Inflation has surged to its highest level in more than three years since the U.S. and Israel launched their war on Iran, triggering a surge in gasoline prices.

US prices in May rose at their fastest rate in three years, with inflation surging to 4.2%. The rise, from 3.8% a month earlier, was largely driven by rising energy costs, the Bureau of Labor Statistics (BLS) said.

U.S. consumer inflation likely increased at its fastest pace in three years in May as the Middle East conflict raised prices of energy products, which would provide more ​ammunition for the Federal Reserve to keep interest rates unchanged this year.

Rising gas prices pushed inflation to its highest level in three years last month, a headache for the Federal Rese

Inflation hit the highest rate in over three years in May, as the economic fallout from the Iran conflict ripples through the U.S. economy. Why it matters: Inflationary pressures tied to the war keep building,

Inflation rose four-tenths of a percentage point to 4.2% for the year ending in May, the Bureau of Labor Statistics reported in an update to the consumer price index Wednesday, as high energy prices from the Iran war pushed up the headline number.

Inflation hit 4 percent for the first time in three years in May, driven by surging gas prices from the Iran war.

Consumer prices for the year ending in May rose by 4.2%, the fastest inflation rate in three years, the Bureau of Labor Statistics reported Wednesday.