A warning that US inflation is climbing again and high gas prices are hurting most Americans, even as Trump shrugs it off — bad news for consumers, sellers, and stock investors.

• Inflation jumped to 4.2% and is expected to get worse as high gas prices feed into food prices over the next few months.
• Diesel is running $7.50–$8 a gallon in California, squeezing trucking and small businesses.
• Trump says he likes inflation and does not care about gas prices, which downplays real pain for regular people.
• Talk of attacking Iran and seizing its oil is pushing oil prices higher, the main reason fuel costs are where they are.
• The new Fed chair may delay raising rates, but cheap money on top of this inflation risks runaway price increases.

Outlook: Expect inflation to keep rising and the squeezed consumer to drag down stocks, housing, gold, and crypto in the months ahead.