U.S. consumer prices have soared above economists’ predictions and by the most in more than a decade, as fiscal stimulus and booming demand pushed against supply constraints, potentially fueling market fears of a prolonged bout of higher inflation.
The Labor Department reported Wednesday that the Consumer Price Index, a measure of prices paid for goods and services, including housing and energy costs, rose 4.2% from where it was a year ago. Economists had predicted only a 3.6% increase. Inflation rose by 0.8% in April vs. the expected 0.2% increase.
Senate Minority Leader Mitch McConnell (R-Ky.) recently took a stand against strategies surrounding the coronavirus. In a speech on the Senate floor Monday, the Republican condemned the current policies of Democrats while suggesting they are untimely.
US electric car producer Tesla has reportedly held off on plans to buy land to expand its plant in the Chinese province of Shanghai and turn it into the company’s global export hub, as uncertainty over US-China relations grows.
Commodity traders have booked at least six tankers – provisionally – to start shipping gasoline from Europe to the US in the wake of the outage of the Colonial Pipeline network, Reuters reports, citing data from Refinitiv.