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Iran War Sends Gas Prices Higher, Lifting U.S. Inflation To 3.8% Annually

By CNBC May 12, 2026 Bullish
Iran War Sends Gas Prices Higher, Lifting U.S. Inflation To 3.8% Annually
The April consumer price index shows that annual inflation is still above the Federal Reserve's 2% target. Energy is the main driver of inflation as the Iran war creates oil supply shocks.
The April consumer price index shows that annual inflation is still above the Federal Reserve's 2% target. Energy is the main driver of inflation as the Iran war creates oil supply shocks.