May prices rose 4.2 percent from a year earlier, almost entirely on fuel, leaving the Fed boxed in before next week's meeting.
Consumer prices rose 4.2 percent in May from a year earlier, the fastest pace since April 2023, and 0.5 percent on the month, the Labor Department said Wednesday.
Energy did most of the damage, up 23.5 percent over the year, with gasoline alone up 40.5 percent, both tied to the Iran war. The core reading, which strips out food and energy, was tamer at 2.9 percent.
That split leaves the Federal Reserve a hard call, and markets still expect it to hold rates when it meets on June 17.
The year's biggest listing sets its final price after Thursday's close, debuting Friday just as war and inflation roil stocks.
The Dow sheds more than 900 points after a three-year-high inflation print collides with the Gulf escalation.
Crude jumps in early trading after the second night of attacks, with the risk premium back in an already tight market.
Central Command fires another round near Hormuz, Iran answers against Gulf states, and Washington warns Tehran will pay the price.
Iran’s top joint military command declared that oil tankers and commercial vessels would no longer be permitted to transit the strategic waterway
The year's biggest listing sets its final price after Thursday's close, debuting Friday just as war and inflation roil stocks.
The Dow sheds more than 900 points after a three-year-high inflation print collides with the Gulf escalation.
