US inflation rose in May to its highest pace in three years, marking the third straight monthly increase, according to economists cited by The Associated Press. The economists estimated that inflation reached 4.2% for the month.

The Associated Press reported that economists linked part of the increase to rising energy costs. The Washington Post reported that the inflation rise was fueled in part by the conflict involving Iran. According to OPEC, as reported by the Washington Examiner, the organization cut its oil demand forecast amid a closure of the Strait of Hormuz.

Producer prices rose at their fastest annual pace in more than three years, according to Breitbart. The Washington Post reported that prices increased on grocery items, contributing to overall inflation.

President Donald Trump addressed the inflation figures in public remarks. CBS News reported that Trump said, "I love the inflation," and stated that the United States is "taking" Iranian oil. The Hill and MSNBC reported the same remarks. Axios reported that Democratic strategists viewed Trump's comments as material for midterm campaign advertising.

HuffPost reported that the inflation rate reached a three-year high and described growing affordability challenges for consumers. MSNBC reported that consumer costs reached a three-year high.

The European Central Bank raised interest rates, according to the Washington Examiner, which reported the bank was the first to do so in response to inflation tied to the Iran conflict.

Yahoo Finance reported that the US dollar fell ahead of the release of the inflation data.

The Washington Examiner reported that the closure of the Strait of Hormuz, a route for global oil shipments, continued during the period covered by the reports.

The Associated Press reported that the 4.2% figure represented an economist estimate for May.

Trump's statements on inflation drew differing characterizations across outlets. The Hill described Trump as embracing the May price increases, while CBS News and MSNBC quoted his statement that he "loves" inflation in the context of his remarks about Iranian oil.