Before the conflict began, inflation was at 2.4%, but the closure of the strait of Hormuz has affected energy pricesUS inflation jumped to an annual rate of 4.2% in May, the third consecutive monthly increase since the start of the Iran war and a three-year high, as Americans continue to face steep oil prices.Prices have increased sharply over the past several months, rising at an annual rate of 3.3% in March before going up to 3.8% in April. In February, before the conflict began, inflation was at 2.4%. Continue reading... ...read more read less