00:00It's Benzinga, bringing Wall Street to Main Street.
00:02U.S. inflation surged to 4.2% in May, the highest level since early 2023,
00:08driven largely by war-related energy costs, according to NBC News.
00:12The Bureau of Labor Statistics reported that energy prices rose 3.9% in May
00:17and accounted for more than 60% of the overall price increase.
00:21Oil prices have climbed 35% since the U.S. and Israel attacked Iran in late February,
00:26pushing retail gasoline prices nearly 40% above pre-war levels.
00:31Core inflation, which excludes food and energy, rose 2.9%.
00:35Inflation outpaced wage growth for the second straight month,
00:38with real average weekly earnings falling 0.2% in May and 0.7% from a year ago.
00:44Trump dismissed the data, saying the numbers were great.
00:47For all things money, visit Benzinga.com.
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