Washington D.C — President Trump and congressional Republicans’ unnecessary war in Iran has pushed inflation to its highest level in over three years according to the latest report from the Bureau of Labor Statistics (BLS). The increase is largely led by higher gas and energy prices due to the Iran war, but the report also shows that higher costs are spreading beyond prices at the pump. It is a worrying sign for working families that are already struggling with skyrocketing costs coupled with Republican tariffs and cuts to health care, SNAP, and more. Not only are congressional Republicans doing nothing to lower costs, their leader, President Trump, even said, “I love the inflation.” Well, millions of Americans do not love the inflation and want Congress to take action and lower costs now.
“This month’s inflation report highlights just how much Republicans in Congress are squeezing American families on all sides,” said Unrig Our Economy Campaign Director Leor Tal. “From tariffs to spiking gas prices to sky-high health care costs, Americans’ finances are getting bombarded by this Republican economy. Congressional Republicans need to start focusing on lowering costs for working families rather than pushing ahead with this expensive, unnecessary war that is draining Americans’ wallets.”
Axios: Inflation hits 4.2% in May, highest in over 3 years as energy prices soar.
Key Points:
- Inflation hit the highest rate in over three years in May, as the economic fallout from the Iran conflict ripples through the U.S. economy.
- Why it matters: Inflationary pressures tied to the war keep building, squeezing household budgets and raising the risk that interest rates stay higher for longer.
- The Consumer Price Index rose 4.2% in the 12 months through May — up from 3.8% in April and marking the highest annual inflation rate since April 2023.
- Much of the increase reflected higher energy prices as oil markets continued to react to disruptions tied to the conflict in the Middle East.
- Economists have been watching for signs that rising energy costs are beginning to spread beyond the gas pump.
- The report comes as tensions between Washington and Tehran appear to escalate further.
- The inflation report arrives at a pivotal moment for the Federal Reserve.
- Some Fed officials have spent recent weeks pushing back on the assumption that the next move in rates will be a cut, arguing that inflation remains too elevated to take additional tightening off the table.
To learn more about the campaign, visit UnrigOurEconomy.com or contact press@unrigoureconomy.com
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About Unrig Our Economy
Unrig Our Economy is a national campaign to fix the rules of our economy to make it work for working people. We know that when the middle class does well, all of us do well — which is why we’re fighting on behalf of working Americans and holding corporations, their wealthy executives, and the politicians who enable them accountable.