Washington: The inflation rate in the United States rose in April at its fastest pace in three years, driven by an increase in energy prices due to the repercussions of the US-Zionist aggression on Iran, reinforcing economists' expectations that the Federal Reserve (the US central bank) will keep interest rates unchanged until late next year.
According to Yemen News Agency, the Bureau of Economic Analysis of the US Department of Commerce announced that the Personal Consumption Expenditures (PCE) price index jumped 3.8 percent in the twelve months ending in April, marking the largest increase since May 2023. The aggression has disrupted shipping traffic in the Strait of Hormuz, leading to higher energy prices, putting additional strain on global supply chains, and causing a widespread shortage of goods including fertilizers, aluminum, and consumer products. Gasoline prices have surged by more than 50 percent since the onset of the aggression.
On February 28 last year, the United States and the Zionist entity initiated a new aggression on Iran lasting 40 days, which resulted in significant civilian casualties and targeted essential infrastructure such as schools, hospitals, and mosques. In retaliation, Iran launched Operation "True Promise 4" targeting the Zionist entity and US bases in the region, and closed the Strait of Hormuz to ships affiliated with the aggressors and their allies.