US inflation rises to 3-year high, spending picks up

US consumer spending accelerated in May even as prices rose at the fastest pace in more than three years, suggesting Americans are powering through the fallout from the Iran war. The personal consumption expenditures price index rose 4.1 per cent last month from a year earlier, the most since April 2023, Bureau of Economic Analysis data out on Thursday showed. Excluding food and energy, prices were up 3.4 per cent from a year earlier. Inflation-adjusted consumer spending rose 0.3 per cent from a