Summary

• Inflation has climbed in the wake of the energy shock stemming from the Middle East, and economists expect the upward pressure to persist in the months ahead.
• One reason the Fed prefers to wait before tightening policy is the relatively stable pace of inflation in the so‑called core measures of pricing pressure.
• While core inflation edged higher in April, the broader trend has yet to flash a warning - unlike the sharper increases seen in headline inflation.

Inflation has climbed in the wake of the energy shock stemming from the Middle East, and economists expect the upward pressure to persist in the months ahead. The Federal Reserve is monitoring the data closely, but it left

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