Inflation climbs to 4-year high as Iran war drives up energy prices

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Inflation, it’s getting hot, hot, hot:

Credit: AP Photo | Damian Dovarganes

Inflation surged to 3.3 percent (!) over the past year, with energy prices rising nearly 11 percent.

For context: This is the highest inflation increase in nearly four years.

More about energy prices: The price of fuel oil jumped by 30.7 percent. The price of gasoline spiked by 21.2 percent. Oh, and the price of energy commodities rose by 21.3 percent.

Timing: The U.S. and Israel launching a military operation against Iran drove up energy prices. Traffic significantly slowed at the vital Strait of Hormuz, which transports roughly 20 percent of the global oil supply.

➤ GAS PRICES MAY TAKE SOME TIME TO COME DOWN:

That’s because the wholesale price of oil jumped as refiners tried to stock up on their supply. They paid high prices for this crude oil and those prices will be passed along to customers, even if future oil shipments are lower. Read the WSJ explainer

Read more: The New York Times reports how “The Oil Shock Is Worse Than You Think.”

➤ BRITISH PRIME MINISTER KEIR STARMER IS ‘FED UP’:

British Prime Minister Keir Starmer says he is “fed up” with how the U.S. and Israel’s war in Iran has raised energy prices in the United Kingdom. He even drew parallels to Russian President Vladimir Putin.

Starmer told ITV News’s Robert Peston: “I’m fed up with the fact that families across the country see their bills go up and down on energy, businesses’ bills go up and down on energy, because of the actions of Putin or Trump across the world,” he said.

✈️ IN THE WHITE HOUSE

Vance is off to test his skills:

Vice President Vance heads to Pakistan today for one of his biggest tasks yet: salvage the fragile ceasefire deal with Iran that........

© The Hill

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