U.S. May Inflation in Line With Expectations, Energy Prices Remain a Drag

BlockBeats News, June 10th – The U.S. Department of Labor announced on Wednesday that the Consumer Price Index (CPI) in May rose by 4.2% year-on-year, accelerating from the previous month's 3.8%. This marks the highest year-on-year growth rate since April 2023, indicating that the ongoing price pressures are driven by elevated energy costs due to the conflict with Iran. Since the end of February when the U.S. and Israel launched attacks on Iran, Americans have been feeling the pain of rising oil prices. The increase in energy costs has eroded consumer confidence. Currently, there are few signs that oil tankers will be able to secure continuous passage through the Strait of Hormuz, suggesting that supply pressures in the global energy market are expected to persist.