Inflation topped 4% in May as CPI surged to highest level in 3 years

Inflation across the U.S. accelerated in May as the shock to global energy supplies from the Iran war continued to push prices higher.

The Consumer Price Index rose at an annual rate of 4.2% last month, up from 3.8% in April and the highest level in three years.

Economists polled by financial data firm FactSet predicted inflation in May would rise at an annual rate of 4.2%. 

The CPI, a basket of goods and services typically bought by consumers, tracks changes in prices over time.

—This is a developing story and will be updated