politics
U.S. Inflation Rose 3.8 Percent Annually in April
April inflation climbed to its highest level since late 2023 as gasoline prices surged following the outbreak of conflict with Iran. Core CPI rose 2.8 percent year-over-year, exceeding economists' forecasts. The data underscores the broad economic impact of the war on American consumers and businesses.
May 12, 6:26 AM·2m read86 sources
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The IndependentAudio version
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U.S. consumer prices rose 3.8 percent annually in April, the highest rate since May 2023, according to data released by the Bureau of Labor Statistics. Core CPI, which excludes food and energy, increased 2.8 percent from a year earlier, compared with estimates of 2.7 percent and a prior-month reading of 2.6 percent.
CNBC and Semafor both reported the figures without attributing the entire move to any single cause.
The same CPI release showed used battery electric vehicle sales in the UK reached a record in the first quarter. Sales jumped 32 percent to 86,943 units in the three months through March 2026, capturing 4.3 percent of the used-car market, up from one in 30 buyers a year earlier, according to the Society of Motor Manufacturers and Traders.
Hybrid electric vehicle sales rose 27 percent to more than 128,000 units, or 6.4 percent of the market. Mike Hawes, SMMT chief executive, said in a statement carried by The Independent: “Better news is the record demand for used electric vehicles, as growing choice from manufacturers feeds through into the second-hand market.
Iain Reid of Carwow noted that used EV enquiries rose 30 percent month-over-month. A poll of 300 customers found 39 percent were more likely to consider an EV or hybrid because of the global political situation. The Independent article made no claim that the inflation data itself proved causation from the Iran conflict; it presented the EV sales figures as a consumer response to higher petrol costs.
Separately, the U.S. Senate Banking Committee released the 309-page text of the CLARITY Act ahead of Thursday’s markup. The draft retains stablecoin yield restrictions and DeFi developer protections. A separate draft for a broader Bitcoin and crypto market structure bill was also released. Both measures are scheduled for markup this week, according to CoinDesk and Bitcoin Magazine.
eBay rejected GameStop’s unsolicited $56 billion takeover offer, describing it as “neither credible nor attractive.” The online marketplace made the announcement on Tuesday. The rebuff adds a new chapter to the ongoing saga involving activist investor Ryan Cohen, MarketWatch, Forbes and Yahoo Finance reported.
