War-driven price shock sent April inflation to highest level in nearly three years

US Consumer Spending Edges Up as Inflation Accelerates

Fed expected to keep rates steady as PCE inflation exceeds 2% target

A key inflation gauge accelerated in April to the highest level in three years, the latest sign that spiking gas prices and higher food costs are squeezing Americans' finances.

On a monthly basis, prices rose 0.4%, down from the 0.7% jump in March but still higher than the inflation-fighters at the Federal Reserve would prefer.