US consumer prices rose 3.8% annually in April 2026, the highest rate in nearly three years, driven primarily by energy costs spiking due to the ongoing Iran war. At this inflation rate, average household purchasing power declines roughly 3.8% year-over-year — meaning the same goods and services cost more while paychecks stay flat, which is why wages aren't keeping pace. The FactCheck.org reference in your input flagged Biden's claim of inheriting 9% inflation, but this post is about April 2026 data under Trump's second term, so that historical comparison isn't directly relevant to accuracy here.