Framing Analysis
US consumer prices increased 4.2% year-over-year in May, up from 3.8% in April, with month-over-month gains of 0.5%. Energy prices rose 23% year-over-year while core measures showed 2.8% year-over-year in April. Iran closed the Strait of Hormuz, which handles one-fifth of global oil supply, after conflict began February 28.