Inflation hits 4.1 percent in May, highest level in 3 years

Why this matters: political developments that affect policy direction and public trust.

Annual inflation hit the highest level in more than three years last month as prices across the economy rose at an even quicker pace, according to data released Thursday by the Commerce Department. Prices rose 4.1 percent over the past year and 0.7 percent in May alone, as measured by the personal c