As the cost of gas stays high due to Middle East tensions, it's spilling over into U.S. consumer spending more broadly and creating a conundrum for the Federal Reserve. AP Photo/David Zalubowski Americans don’t need a press release to know that inflation is rising. Gasoline is above $4 per gallon amid the ongoing conflict in the Middle East and closure of the Strait of Hormuz, and the release of key price data on May 28, 2026, underscores why policymakers are worried these pressures could spread