Donald Trump’s Iran strategy just backfired as gas prices hit $4.42 and inflation climbed to a three-year high. The latest economic data shows inflation surging to 3.8% in April, the fastest annual increase since May 2023, with gasoline prices leading the charge.The average gallon now costs $4.42, up from $2.98 before the U.S. and Israel started the war on Iran on February 28.
The Personal Consumption Expenditures Price Index, the Federal Reserve’s preferred inflation measure, jumped 0.4% in April alone, per Al Jazeera. That follows a 0.7% rise in March, meaning the trend isn’t slowing down. Goods prices climbed 0.7% overall, but the real kicker was at the pump, where prices spiked 5.5% in just one month. Food prices also ticked up 0.5%, the biggest monthly increase since November 2022, and housing costs rose 0.6%.
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