Inflation spikes to 3.8 percent in April, higher than expected

The annual inflation rate shot higher in April as the war in Iran drove up energy and food prices, according to data released Tuesday by the Labor Department.

The consumer price index (CPI), a popular gauge of inflation, rose 3.8 percent over the past 12 months and 0.6 percent in April alone, according to the new Labor Department data.

Economists expected the annual inflation rate to rise to 3.7 percent, according to consensus estimates, after hitting 3.3 percent in March.

Energy prices rose 3.8 percent last month alone as the war in Iran chokes off........

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