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April's CPI clocked in at 3.8% year-over-year — the hottest read since 2023, per BLS data released May 12. Gas hit a $4.52 national average, up 28.4% from a year ago, with the Iran war and Strait of Hormuz shutdown driving pump prices into territory not seen since the 2022 peak. Groceries aren't a refuge: food-at-home jumped 0.7% in April, the biggest one-month gain since August 2022. Beef alone is up 14.8% year-over-year. Wages slipped 0.5% real for the month. Americans are stretched, and the budget math no longer works.
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