US inflation surged to 3.8% in April, the fastest rate since May 2023, primarily driven by escalating energy costs linked to the conflict in Iran.

• US inflation reached 3.8% in April, a significant jump from March's 3.3%.
• The Bureau of Labor Statistics (BLS) reported that soaring energy costs accounted for nearly half of the increase.
• The rising inflation makes it less likely the Federal Reserve will cut interest rates this year, potentially forcing a more conservative approach from the incoming chair, Kevin Warsh.

Russian Finance Minister Anton Siluanov has warned that a blockade of the Strait of Hormuz has already caused a global energy crisis and could lead to a worldwide recession, increased food and fertilizer prices.

• The blockade is contributing to disruptions in supply chains and higher logistics costs, weakening global economic growth.
• Anton Siluanov, Russian Finance Minister, stated that energy-importing nations in Asia and Europe, along with the poorest states in Africa, will be the most affected.
• Russia, while benefiting from rising energy prices to replenish its budget, is also experiencing supply chain disruptions and increased logistics costs due to the situation.

Indian Prime Minister Narendra Modi has ordered a significant reduction in his motorcade to conserve fuel. This initiative is part of broader efforts to address rising energy prices amidst the Middle East crisis.

• The Prime Minister's office has directed to halve the number of vehicles in the convoy and transition to electric vehicles.
• The key person involved is Indian Prime Minister Narendra Modi.
• This measure follows Modi's recent appeals to the public to avoid unnecessary travel to save fuel.