The president suggested the recent numbers mean there will be a bigger decline in inflation once the war in Iran is over.

Year-over-year headline inflation hit 4.2% in May, the first time the Consumer Price Index (CPI) has topped 4% in three years.

Earlier in the day, he said Iran would “have to pay the price” for having “taken too long to negotiate a deal,” alleging they were “all talk and no action.”

Consumer prices for the year ending in May rose by 4.2%, the fastest inflation rate in three years, the Bureau of Labor Statistics reported Wednesday.

U.S. consumer prices rose again in May, Labor Department data showed, further squeezing Americans’ budgets as consumer sentiment sat at record lows.

Soaring gasoline prices, triggered by the U.S. war with Iran, have pushed inflation to its highest level in more than three years.

It marked the third month in a row the Consumer Price Index (CPI) has risen, with households increasingly feeling the strain of the US and Israel's war in Iran. Higher inflation raises the likelihood of the US Federal Reserve raising interest rates in a bid to curtail spending.

U.S. consumer inflation increased at its fastest pace in three years in May, boosted by surging prices for energy products amid the Middle East conflict, and giving more ammunition for the Federal Res...