US consumer inflation increased at its fastest pace in three years in May as the Middle East conflict raised the price of gasoline and other energy products, giving more ammunition for the Federal Reserve to keep interest rates unchanged into 2027. The Consumer Price Index increased 4.2 per cent in the 12 months through May, the largest gain since April 2023, the Labor Department's Bureau of Labor Statistics said on Wednesday (Jun 10). The CPI advanced 3.8 per cent year-on-year in April. Prices increased 0.5 per cent on a monthly basis after climbing 0.6 per cent in April. Economists polled by Reuters had forecast ... (full story)