Skyrocketing gasoline prices tied to the Iran war are erasing Americans' wage gains, with inflation outpacing paycheck growth for the first time in three years.
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US Govt Report: Strait of Hormuz Shut Through May
The U.S. Department of Energy's statistical arm on Tuesday said it assumes that the Strait of Hormuz will be effectively shut through late May.A report said that traffic will resume gradually from next month, prompting the agency to hike its forecasts for U.S. motor fuel...
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Markets raise chances for a Fed rate hike following hot inflation report
Market pricing took virtually any chance of a cut off the table between now and the end of 2027.
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It's not just Iran and oil raising inflation. Prices also are reaccelerating in these other areas
Here's some of the places where prices are rising fast for consumers.
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Consumer prices rose 3.8% annually in April, the highest since May 2023
The consumer price index was expected to increase by 3.7% annually in April, according to the Dow Jones consensus.
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Iran says it will 'never bow' as Trump rejects peace counteroffer, prolonging Middle East conflict
Washington has sought to press Beijing to lean on Tehran to reopen the strait, though China's appetite to act as a pressure mechanism remains unclear.
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