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Inflation Surges as Energy Costs Skyrocket
Description
U.S. consumer prices surged 3.8% in April, driven by skyrocketing energy costs due to the war with Iran. Gasoline prices alone jumped 5.4% in April alone. Core prices, excluding food and energy, rose modestly at 0.4% last month and 2.8% year over year. Grocery bills edged up 0.7% due to higher meat costs. Inflation had been cooling but remains above the Feds 2% goal. The Fed is now holding off on interest rate cuts expected for 2026, watching if this fuels wider inflation. Gas prices are over $4.50 a gallon, squeezing consumers, while companies like Whirlpool saw revenue drop nearly 10% last quarter, calling it a recession-level hit to confidence.
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