Inflation reached a three-year high in April, the Bureau of Labor Statistics reported this week, with annual wage growth at 3.6% during April, and year-over-year inflation up to 3.8%.
This marks the first time since 2023 that the cost of living has outpaced paycheck growth, Morning Brew reported.
Before the U.S. attacked Iran with Israel in February, inflation was at 2.4%.
Much of the inflation comes from energy prices increasing, as well as the price of produce. Thanks to tariffs, for example, tomato prices have increased due to tariffs on Mexico, according to Morning Brew.
