Inflation rose 3.8% in April, highest level since 2023

MoneyWatch CPI surged in April as inflation soars to highest level since 2023 .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Mary Cunningham Mary Cunningham Reporter, MoneyWatch Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. Read Full Bio Mary Cunningham May 12, 2026 / 8:35 AM EDT / CBS News Add CBS News on Google Inflation accelerated in April to an annual rate of 3.8%, the highest since 2023, as the Iran war pushed up energy costs and raised prices across the economy.By the numbersEconomists predicted inflation would jump to 3.7% on an annual basis, up from the 3.3% reading in March, according to a FactSet poll.The CPI, a basket of goods and services typically purchased by consumers, tracks price changes over time.Inflation stood at 2.4% for the first two months of the year, but jumped in March after the war in the Middle East broke out. The conflict has constrained global oil supplies, sending gas prices to their highest levels since July 2022 and driving up costs for diesel-powered trucks that transport American goods.President Trump told CBS News in a phone interview on Monday that his administration would suspend the federal gas tax — which is 18.4 cents per gallon for regular gas and 24.4 cents per gallon for diesel — "for a period of time." However, experts say that the move may only provide limited relief to U.S. motorists. In the interview, the president also rejected the idea of a bailout for U.S. air carriers dealing with higher jet fuel costs. Many carriers have hiked their ticket prices due to higher fuel costs, dealing a blow to Americans at the start of the summer travel season.What the experts say Mark Zandi, chief economist at Moody's Analytics, expects inflation to keep accelerating through the sum...