Inflation is spreading through the U.S. economy beyond the pump

Fresh inflation data now suggests the challenge may be deeper and longer-lasting than many expected.

As the cost of gas stays high due to Middle East tensions, it’s spilling over into U.S. consumer spending more broadly and creating a conundrum for the Federal Reserve. [Photo: Matthew Hatcher/Bloomberg via Getty Images]

Americans don’t need a press release to know that inflation is rising. Gasoline is above $4 per gallon amid the ongoing conflict in the Middle East and closure of the Strait of Hormuz, and the release of key price data on May 28 underscores why policymakers are worried these pressures could spread into the broader economy.

The report offered a mixed but still........

© Fast Company