"US consumer prices have risen for the second consecutive month, marking the biggest annual increase in almost three years, as energy prices surged on the back of the US-Israel war on Iran. US consumer prices rose by 0.6 percent in April after a 0.9 percent increase in March, according to the Bureau of Labor Statistics consumer price index (CPI) report published on Tuesday. Prices ticked up by 3.8 percent on an annual basis, which is the largest jump since May 2023. Prices rose by 3.3 percent in March."
"The increase was driven by a surge in energy prices, including prices for petrol or gasoline, which rose by 5.4 percent. On an annual basis, the increase is stark. Energy prices surged by 17.9 percent over the last 12 months, with petrol prices up 28.4 percent compared to this time last year. The average price for a gallon (3.78 litres) of petrol is $4.50, according to the American Automobile Association (AAA), which tracks daily petrol prices."
"The passthrough of higher energy costs to non-energy prices was most apparent in airfares, which airlines have had to raise to cover rising jet fuel prices, Bernard Yaros, lead US economist for Oxford Economics, said in a report provided to Al Jazeera. Airfares rose by 2.8 percent compared to the month prior, driven by heightened jet fuel costs that have put strains on air carriers, including Spirit Airlines, which ceased operations earlier this month after 34 years in business."
"The airline attributed heightened fuel costs to recent geopolitical events in court documents. The White House said that the bump in prices will likely be temporary. President Trump has always been clear about temporary disruptions as a result of Operation Epic Fury, White House spokesperson Kush Desai told Al Jaz"
Consumer prices increased in April, following a 0.9% rise in March, with April up 0.6% month over month. The annual rate reached 3.8%, the largest increase since May 2023. Energy prices were the main driver, rising 5.4% in April and 17.9% over the past 12 months. Gasoline prices increased 28.4% year over year, with the average gallon price at $4.50, up from $2.98 around February 28. Higher energy costs passed through to non-energy prices, especially airfares, which rose 2.8% month over month due to higher jet fuel costs. The White House said the price increase is likely temporary.
Read at www.aljazeera.com
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