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Oil prices jumped after the United States and Iran exchanged fire for a second day, heightening fears that the two countries could slide back into open conflict.
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The European Central Bank is set to raise rates, the first such move since September 2023, as energy disruptions caused by the Iran war drive higher prices.
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CNBC Daily Open: Trump expresses 'love' for inflation print and anger at Iran CNBCTrump says 'I love the inflation' after consumer price index hits 3-year high CNBC'I love the inflation,' Trump says as prices rise amid Iran war Reuters'The die has been cast': Trump allies fear it's too late to reverse economic woes Politico
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Americans are paying more particularly for produce and baked goods, among others, driven by the Iran war, tariffs and drought.
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Companies appear hesitant to pass those price increases on to weary consumers, whose wages aren't keeping up.
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