India's consumer inflation is projected to have surpassed the central bank's 4% target in June, reaching 4.3%, due to rising food and fuel prices. This marks the highest reading since the CPI was revised, with potential further pressure from El Nino and geopolitical events impacting oil prices.
US President Donald Trump downplayed a surge in consumer inflation to a three-year high, calling the May CPI data "great." The inflation, driven by soaring energy prices from the US-Israel war in Iran, presents a challenge for Republicans before midterm elections.
US consumer inflation reached a three-year high in May, rising 4.2% year-on-year, driven largely by a more than 60% increase in energy prices. President Trump expressed satisfaction with the report, linking inflation to energy costs and the ongoing conflict with Iran.
US consumer prices climbed sharply again last month as the 10-week war with Iran pushed energy prices higher. The Labor Department’s consumer price index rose 3.8 per cent from April 2025, according to data released on Tuesday. On a month-to-month basis, April prices rose 0.6 per cent from March as petrol prices rose 5.4 per cent during the month; the month-over-month gain was down from 0.9 per cent increase from February to March. Labor Department figures showed that petrol prices are up more...
BP nearly doubled its profits to $3.2bn in Q1 2026, driven by surging oil and gas prices following the Iran war that began at the end of February. The oil major beat analyst expectations, with CEO Meg O'Neill acknowledging the "environment of conflict and complexity." Campaign group Global Witness criticized the profits, noting this is the second time in four years that geopolitical conflict has boosted oil company earnings, following Russia's 2022 invasion of Ukraine.
