US inflation surged to 3.8% in April, the fastest rate since May 2023, primarily driven by escalating energy costs linked to the conflict in Iran.

• US inflation reached 3.8% in April, a significant jump from March's 3.3%.
• The Bureau of Labor Statistics (BLS) reported that soaring energy costs accounted for nearly half of the increase.
• The rising inflation makes it less likely the Federal Reserve will cut interest rates this year, potentially forcing a more conservative approach from the incoming chair, Kevin Warsh.