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Edited by Rachel Kleinman, Editor at LinkedIn News <— Click here for link

Consumer prices increased 3.8% in April compared to the year prior — the fastest rate in nearly three years — driven by elevated gas prices due to the war in Iran, federal data out Tuesday shows.

Overall energy prices were up 3.8%, food prices climbed 0.5%, and the gasoline index rose 28.4% year-over-year. Meanwhile, real average hourly wages dipped 0.5% for the month, and 0.3% annually.

On Monday, President Donald Trump floated a temporary gas tax holiday to help cushion travelers from rising fuel costs.