Rising inflation, Hormuz deadlock, Trump-Xi meet: What’s driving global news headlines

Subscribe to enjoy similar stories.Every month, Mint’s Plain Facts gives you an update on key global data to help you thread together the biggest developments worth paying attention to. The accompanying analysis and charts explain how each story is creating ripples on the global stage, where it is headed in the coming weeks, and whether it could have an impact on India.After months of steady cooling, consumer prices are rising once again as the escalating war in West Asia continues to disrupt energy markets and global supply chains.The inflationary shock is most severe in import-reliant Asian economies.

The Philippines saw its inflation rate triple from 2.4% in February to a staggering 7.2% in April, while Thailand swung drastically from a deflation of 0.9% to a 2.9% rate over the same period.Western economies are also feeling the heat. In the US, inflation scaled up to 3.8% in April—a sharp rise from February’s 2.4%—while the European Union's flash estimate shows prices creeping up to 3%.However, major Asian economies like India and China have stayed relatively insulated so far.

India’s rate inched up only slightly to 3.5% in April and China held steady at 1.2%. The renewed price spike has reset policy expectations.

Central banks—especially the US Federal Reserve—are now likely to delay rate cuts as inflation control takes priority over growth support.Two-and-a-half months into the West Asia war, the reopening of the Strait of Hormuz is unlikely to happen anytime soon, with US President Donald Trump saying the month-long ceasefire with Iran was on "massive life support". Over the past month, the Strait has remained in a state of high-stakes "dual blockade".