Inflation Jump Sparks Cost of Living Pressure in US
The Commerce Department reports a 6.4 percent February year over year inflation surge led by food and energy, with core inflation at 5.4 percent. War in Ukraine boosts oil and commodity prices, while consumer spending slows and incomes edge higher.gasoline, oil, and broader price pressures push households. Biden eyes strategic reserve releases as markets react.
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OPEC
OPEC Maintains Modest Output Increase Amid High Prices
OPEC and allied producers including Russia agreed to a modest 432,000 barrel per day rise in May to gradually unwind pandemic cuts. The group remains unbowed by calls to boost supply as energy costs climb, aiding Russia’s export role while Western sanctions bite.
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