Both the ECB and BOE, facing a mix of weaker growth and higher inflation, held interest rates steady.

Consumers faced escalating prices in March as the Iran war sent oil soaring and created a new level of challenges for the Federal Reserve. The core personal consumption expenditures price index, which excludes food and energy,

Crude prices fell today for all the wrong reasons — dropping below $120 a barrel not because energy flows resumed through the Strait of Hormuz, but — as oil traders have warned — because sharply higher prices are beginning to hurt the broader economy and weaken demand.

As the cost of oil continues to rise, so too does the rise of prices on everything from gas to groceries. On Thursday, the Commerce Department’s Bureau of Economic Analysis announced the largest jump in inflation since 2022 with the Personal Consumption Expenditures Price Index (PCE) rising 0.

The chief concerns of Americans going into the 2024 election were inflation and the economy, and polls at the time showed that voters trusted Donald Trump more on those issues than they did Kamala

Soaring oil prices linked to the Iran war pushed inflation higher in the euro area in April, while growth continued to underperform — a worrying combination for both consumers and policymakers at the European Central Bank.

The last time inflation was low and largely invisible was in 2021. The Fed hasn't hit its 2% target since then. The last time U.S. inflation was below 2%, Tom Brady was the reigning Super Bowl MVP as a member of Tampa Bay Buccaneers. It was February 2021.

Welcome to The Hill’s Business & Economy newsletter{beacon} Business & Economy Business & Economy   The Big Story Inflation hit 3.5 percent in March as Iran war

Economists warn Australia faces its worst economic nightmare as surging oil prices threaten to trigger devastating 1970s-style stagflation.