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Inflation Soared to 3.8% in April, Driven by Gasoline Prices
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- Consumer prices rose 3.8% in April from a year earlier, the highest increase in three years, driven by higher gas prices.
- Inflation-adjusted average hourly earnings declined 0.3% in April, marking the first annual drop since April 2023.
- The April inflation report shifted the Federal Reserve’s policy debate toward signaling a potential rate hike.
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Wall Street Is Getting More Anxious About Long-Term Inflation
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- Tuesday’s consumer-price index readout intensified Wall Street’s inflation anxiety, dragging on tech stocks and the S&P 500.
- The 10-year break-even rate, a measure of inflation expectations, hit 2.5% this month, its highest level since 2023.
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Eurozone Industrial Production Inched Higher in March
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- Eurozone industrial output rose 0.2% in March, after a 0.2% rise in February, despite rising energy costs from the Middle East war.
- The conflict in the Middle East caused oil-and-gas prices to jump in March, leading the EU to spend an extra 27 billion euros on energy imports.
- The European Central Bank cut its 2026 growth forecast to 0.9% from 1.2%, as the outlook for eurozone industry has further weakened.
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India Raises Gold, Silver Tariffs to Curb Imports
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- India hiked import duties on gold and silver to 15% from 6% to conserve foreign resources and prioritize essential imports.
- The measure aims to narrow India’s widening trade deficit, caused by high energy prices and sustained capital outflows, according to an analyst.
- The rupee has depreciated over 6% year-to-date against the dollar, trading at 95.6075, amid Middle East conflict and oil price concerns.
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IEA Warns Recovery From Hormuz Supply Shock Will Take Months
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- The International Energy Agency said the near-closure of the Strait of Hormuz caused an unprecedented supply shock, revising oil demand and supply forecasts.
- The agency now expects global oil demand to contract by 420,000 barrels a day and global supply to fall by 3.9 million barrels a day this year.
- The oil market is set to remain in deficit until the final quarter of the year, with supply recovery slower due to infrastructure damage and mine clearing.
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WSJ Pro Central Banking brings you news and analysis from a global team of reporters and editors at The Wall Street Journal and Dow Jones Newswires. Send your tips, suggestions and feedback to service@dowjones.com. An artificial-intelligence tool created these summaries, which are based on the text of the article and checked by an editor. Read more about how we use artificial intelligence in our journalism.
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