Petroleum 'Shock' from Middle East Conflict Drives April Inflation to 2.6%... Highest in 21 Months (Update)

The Middle East conflict drove April’s consumer price inflation to 2.6%, the highest in 21 months, due to soaring international oil prices. Petroleum product prices rose significantly, contributing substantially to overall inflation. While the OECD core inflation index remained stable, ordinary citizens are feeling the increased burden of rising prices.