Key Fed inflation gauge rises to three-year high in May after gas prices peaked

Rising costs, highlighted by a 4.1% increase in consumer prices from the previous year, have pushed the Federal Reserve's preferred inflation gauge to a three-year peak in May, driven primarily by soaring gas prices. This uptick could spell trouble for President Trump and his party as they face the upcoming midterm elections. With inflation reaching its highest level in three years, it raises questions about the economic challenges ahead and the potential impact on voter sentiment.