US Trade Representative Jamieson Greer denied that President Trump's tariffs have increased prices for American families, despite senators Elizabeth Warren and Raphael Warnock presenting data and arguments linking tariffs to higher inflation and cost-of-living concerns.
A preliminary deal to end the US-Israel war on Iran has caused oil prices to drop to a three-month low, with hopes of the Strait of Hormuz reopening. However, experts predict it could take months, possibly over a year, for global oil inventories to recover and for consumers to see significant relief at the pump.
President Trump expressed his "love" for inflation despite US consumer prices rising at their fastest annual pace in over three years. Data showed a 4.2% annual increase in May, driven by energy costs linked to the Iran conflict.
US prices rose 4.2% in May, the fastest rate in three years, driven by energy costs amid the US-Iran war. President Trump stated he "loves the inflation" and that "numbers were great," despite economic strain on households and potential Fed interest rate hikes.
Sony announced another price hike for PlayStation Plus subscriptions on Monday, sparking user frustration and reigniting debate over gaming service costs. The increase, citing inflation and market conditions, will take effect May 20 for new subscribers in affected regions.
Prices for trains and buses to World Cup matches at MetLife Stadium in New Jersey have been reduced after fan backlash, with train tickets dropping from $150 to $98 and bus fares from $80 to $20.
US prices rose 3.8% in April, the fastest rate since May 2023, driven by increases in gasoline and groceries.
