Inflation jumps to its highest level in 3 years

Added: 2026-05-16

[00:00:00]If it seems like your grocery bill is getting more and more expensive, you're right. The price of key staples soaring in the past year. Tomatoes up a whopping 50% coffee nearly 30% and ground beef nearly 19%.

[00:00:14]Inland Empire Bureau Chief Rob McMillan joins us live from Riverside with a look at what's considered the worst inflation report in nearly 3 years. Rob.

[00:00:24]Well, economists saying the war in Iran is probably the biggest contributor to the jump in inflation. Although experts also say that the Trump administration's tariffs also play a role. This morning data released by the US Bureau of Labor Statistics showing prices in April jumped 3.8% compared to 1 year ago. That number was just 3.3% last month and back in February before the war began, inflation was at just 2.2% compared to the same month 1 year prior. This is in large part because of the increase in the cost of oil, which affects gas prices and that has a trickle-down effect on all sorts of things, airfare and groceries.

[00:01:06]It's a lot. I mean, just coming like for fruits, almost like 42 bucks. Yeah, prices are are getting way too high, man. It's hard to It's hard to live out here with one job. Right now with $100 buy only one bag and that's it.

[00:01:21]Yeah, it's too much. The only thing that matters is when I'm talking about Iran, they can't have a nuclear weapon. I don't think about American financial situation. I don't think about any, but I think about one thing. You cannot let Iran have a nuclear weapon. That's all.

[00:01:38]And another thing to keep an eye on, the Fed. There is a new chairman of the Federal Reserve on board and guess what?

[00:01:44]Next month is when they meet again to decide whether to raise interest rates.

[00:01:50]The Fed target on inflation is 2%. Right now it's at 3.8%. So, many weighing in thinking that it's much more likely that rates will go up rather than down. Live in Riverside, Rob McMillan, ABC 7 Eyewitness News. [snorts] >> Yeah, tell