Central Banks Are Hiking Again
The conflict involving Iran has kept the Strait of Hormuz largely closed for most of the year and oil above US$100 through much of the autumn. Fuel prices like gasoline and diesel have surged, lifting headline inflation to 3.1% while core inflation (excluding energy) sat at 2.1%. The same split is wider in the United States, where headline inflation is 3.7% against core of 2.6%.
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