US inflation hits 3-yr high of 3.8% in April amid rising gas prices

The US inflation rate jumped to 3.8% in April, the highest since May 2023, the Commerce Department said on Thursday. The inflation rate, which was 3.5% in March, rose amid spiking gas prices and is already above Federal Reserve's target of 2%. In addition to gas, groceries, clothing and electricity prices are also surging, indicating that inflation may remain persistent.