Washington: The annual inflation rate in the US soared to its highest level since May 2023, hitting 3.8% in April, as officially reported on Tuesday. This increase surpasses market expectations, which were pegged at 3.7%, and reflects a significant jump from the 3.3% recorded in March.

According to Anadolu Agency, energy prices in the US experienced a substantial year-on-year increase of 17.9% last month, contributing notably to the overall inflation rate. Meanwhile, prices for food and shelter rose by 3.2% and 3.3%, respectively, highlighting a broad-based escalation in consumer costs.

On a monthly scale, consumer prices climbed by 0.6% in April. The Bureau of Labor Statistics noted that the energy index alone rose by 3.8% during the month, accounting for over forty percent of the total monthly increase in all items. Additionally, the shelter index and food prices saw monthly increases of 0.6% and 0.5%, respectively, further underscoring the inflationary pressures faced by American consumers.