Tuesday will bring an updated look at the state of inflation in the US as the war in Iran pressures global fuel and food prices.<\/p>\n
Economists expect the Consumer Price Index rose 3.7% in April from a year ago, according to a Bloomberg survey, and 0.6% from March, which itself saw the largest monthly gain since 2022<\/a>. Stripping out the more volatile energy and food categories, economists anticipate that prices on a \u201ccore\u201d basis rose 2.7% from a year ago, up from March\u2019s annual rise of 2.6%, and running closer to the Federal Reserve\u2019s 2% target. But shelter costs are expected to jump in April\u2019s report due to data distortions after last year\u2019s government shutdown.<\/p>\n Any further surge in consumer prices was likely driven by soaring energy costs. Prices at the pump Monday were running at $4.52 a gallon on average, according to AAA<\/a>, up about 44% from a year ago.<\/p>\n More expensive fuel could also trickle down into travel: Average domestic airfares were clocking in at $365 the week of April 27, up from $346 just after the war broke out, according to data from Kayak<\/a>. International prices surged even more, rising from $805 in early March to about $1,100 as of the most recently available data.<\/p>\n At the same time, higher energy bills could also eventually nudge US food prices up as diesel prices soar, though the starkest impact on groceries could take a while to be felt<\/a> domestically.<\/p>\n Emma Ockerman<\/a>\u00a0is a reporter covering the economy and labor for Yahoo Finance. You can reach her at\u00a0emma.ockerman@yahooinc.com<\/a>.<\/p>\n Sign up for the Mind Your Money newsletter<\/a><\/p>\n