(CNN)– Thursday, June 25, the U.S. Commerce Department reported inflation reached 4.1% in May, the highest level in three years.   It marks a sizable jump from the 3.8% reported in April. It’s also widening the gap between average salary increases and eroding spending power. But, if you strip out gas and food prices what is called ‘core’ inflation stands at 3.4% only a slight rise off of April. That means if the lower oil prices we are seeing now remain stable we should see the inflation rate come down soon. Categories: News Tags: food inflation, high inflation, inflation, U.S. economy, U.S. inflation ...read more read less