U.S. consumer prices likely rose at a solid pace for a second straight month in April, which would result in the largest annual increase in inflation in more than ​2-1/2 years and further bolster expectations the Federal Reserve would keep interest rates unchanged for a while.

The Iran war has ratcheted up prices for gasoline, airfares and other expenses. ABC News' Elizabeth Schulze reports.

What You Need to Know Inflation rose 3.8% over 12 months in April, the highest since May 2023 and in line with forecasts.The Iran war has spiked gasoline prices, pushing up the overall inflation rate.

CNBC's Steve Liesman joins 'Squawk Box' to break down the National Association for Business Economics (NABE) industry outlook.

Iran conflict sends energy prices soaring, lifting April U.S. inflation to 3.8% and adding hurdles for Federal Reserve policy.

Inflation heated up in April to the hottest level in three years as the Iran war drove energy prices higher and started to filter through the economy – likely keeping the Fed on hold when it comes to interest rates.

Wall Street pointed lower Tuesday and oil prices continued to rise amid doubts about a quick end to the Iran war. S&P 500 futures slipped 0.4% before the opening bell, while futures for the Dow Jones Industrial Average fell 0.

Tuesday will bring an updated look at the state of inflation in the US as the war in Iran pressures global fuel and food prices.