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Story summary
- U.S. inflation rose 4.1 percent year-over-year in May, highest level since April 2023.
- Core personal consumption expenditures inflation increased to 3.4 percent YoY in May, highest reading since fall 2023.
- The surge followed months of higher energy and food costs tied to the Iran-related war and the Strait closure.
- A deal reopened the Strait of Hormuz, prompting lower gas prices and job openings to exceed unemployed workers for the first time since June 2025.
