If the Wall Street consensus is correct, the consumer price index is expected to show inflation running at a 4.2% annual rate.

Inflation accelerated for a third straight month in May amid a stalemate in negotiations to end a war with Iran that has pushed up energy prices, adding to the burden on already strained consumers.

Consumers and U.S. workers are feeling the pinch of a wage growth rate that lags behind the rate of inflation.

Inflation has surged since the start of the Iran war, and Americans have come to expect that prices will only continue to rise over the next year.

Inflation surged to its highest level in over three years in May as the headline Consumer Price Index reached 4.2% year-over-year.

Donald Trump shared his love for inflation during a chat with reporters at the Oval Office on June 10.

The Fed’s next move may need to be a hike, and not a cut as many had expected coming into this year,” said Chris Zaccarelli, Chief Investment Officer for Northlight Asset Management.

The Bureau of Labor Statistics released the consumer price index (CPI) inflation data for May which showed that inflation rose and remained persistently high last month.

The new CPI report showed inflation in May climbed to the highest rate in about three years.

President Donald Trump praised the inflation report in comments to reporters Wednesday, saying, “the numbers were great” and “I love it.” When asked by a reporter in the Oval Office if he was concerned about the inflation report that came out today,

Oil prices rose Wednesday after President Donald Trump signaled he was losing patience with peace talks in Iran and said more attacks are coming. Front month ICE Brent crude for August settled 1.80% higher to $93.