Inflation pressures strengthened further in May, driven largely by a sharp rise in energy costs that pushed headline US inflation back above 4%.

According to the US Department of Labor, the Consumer Price Index rose 4.2% from a year earlier, matching forecasts and accelerating from April’s 3.8% increase. Monthly inflation came in at 0.5%.

The surge was concentrated in energy, which climbed 23.5% over the past year. Gasoline prices rose 7% during May alone and are now more than 40% higher than a year ago, making energy the dominant contributor to headline inflation.

Outside of energy, price pressures remained comparatively moderate. Core CPI increased 2.9% annually, while shelter inflation held at 3.4% and food prices rose 3.1% from a year earlier.

Bitcoin climbed toward $62,000 in the wake of the inflation data release before giving up its gains. The largest crypto asset traded at roughly $61,500 at press time, down about 2% over the past 24 hours.

This is a developing story.