The recent surge in inflation is likely to get worse over the next several months, according to a survey Friday.

This is nightmare fuel for a historically expensive stock market that had already priced in additional rate cuts.

With inflation hitting its highest point since 2023, Kiana Powell told CBS News, "I cannot let a deal go to waste if it's something that I am using daily."

Rising gasoline prices pushed inflation to its highest level in almost three years in April. Consumer prices were up 3.8% from a year ago.

ETFs that invest in treasury inflation-protected securities, real asset-based ETFs and alternative products that use complex options strategies. TIPS are government bonds designed to protect against inflation by increasing the principal investment by a corresponding percentage when prices rise;

Consumer prices in April rose at the highest annual rate in three years, putting inflation back into focus.

April inflation data is widely expected to show it has risen to a nearly 3-year high when the Consumer Price Index is released Tuesday.

The rising price of oil and lack of a deal to open the Strait of Hormuz are denting stocks and driving up inflation.

A history-making raise may be on the way for Social Security beneficiaries next year -- but this is far from the full story.