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The U.S. Consumer Price Index (CPI) jumped in May to 4.2% year over year, the highest level since April 2023, in line with market forecasts, which expected the upward trend to continue, driven by the higher energy costs due to the war in Iran.
Core inflation, which excludes the volatile energy and food indexes, rose to 2.9%, one-tenth higher than in April, the Bureau of Labor Statistics (BLS) reported this Wednesday.
The war in the Middle East drives oil prices up
Meanwhile, West Texas Intermediate (WTI) crude rose 1.03% this Wednesday, to $89.11 per barrel, after U.S. President Donald Trump said that Iran has taken too long to negotiate a deal and that now “they will have to pay the consequences.”
At 09:00 local time, WTI futures contracts for July, the benchmark crude in the United States, rose $0.91 compared with the previous day’s close.
“Iran only talks and does not act. The Middle East bully is DEAD! They have taken too long to negotiate a deal that would have greatly benefited them; now they will have to pay the consequences!”, Trump said on his social network, Truth Social, after Iran said it will review whether to continue negotiations following the latest hostilities.

Last night was the worst, in terms of attacks, since the ceasefire established on April 8, after U.S. forces attacked several points in southern Iran in retaliation for the alleged downing of a helicopter in the Strait of Hormuz.
Iran responded with bombardments against 21 U.S. military targets across the Middle East, including Jordan, Kuwait, and Bahrain, a claim denied by Washington.
The spokesman for Iran’s Foreign Ministry, Ismail Bagaei, said this Wednesday that, after these attacks, they are going to “review the situation” regarding negotiations with the U.S., since “the diplomatic process does not take place in a vacuum, and to move forward in any diplomatic process, a minimum atmosphere in which to work is needed”.
Source: EFE.