Washington, May 18 (IANS) Rising fuel prices and growing economic anxiety linked to the Iran conflict are beginning to create political problems for President Donald Trump and Republicans ahead of the US midterm elections, according to media.Senior administration officials and Republican allies defended Trump’s handling of the Iran crisis, while Democrats accused the White House of triggering economic pain through a prolonged conflict in the Gulf region.US Trade Representative Jamieson Greer ack…
Latest inflation News & Updates
New Delhi, May 17 (IANS): Oil prices in the global market are likely to remain in the high range of $90 to 110 per barrel “as there is little prospect of a swift and durable settlement between the US and Iran and with it the full reopening of the Strait of Hormuz”, according to a Moody’s global report on geopolitical risks.Moody’s said even if safe passage in the Strait were to resume in the next six months, the oil market would remain supply-constrained, with persistently higher and more vola…
Chandigarh, May 16 (IANS) Punjab Chief Minister Bhagwant Mann on Saturday criticised the Bharatiya Janata Party (BJP)-led Central government over the steep rise in fuel prices, saying the burden has once again been imposed on common people immediately after elections while those in power continue to lecture citizens on cutting expenses and savings. He said that people across the “country are struggling with inflation, rising transport costs and increasing household expenditure, but instead of pr…
New Delhi, May 16 (IANS) The ongoing US-Iran tensions are imposing rising economic costs on China, exposing Beijing to mounting risks across energy supplies, trade flows and regional investments amid the escalating Gulf crisis, a report has said.The report by Iran International showed that China has expressed growing concern over disruptions to the Strait of Hormuz, a critical energy corridor through which nearly 45 per cent of its oil imports flow, even as it continues to maintain diplomatic su…
Mumbai, May 16 (IANS) Shiv Sena (Uddhav Balasaheb Thackeray faction) on Saturday criticised the Centre over the fuel price hike, alleging that the public has been pushed deeper into inflationary distress, according to an editorial in party mouthpiece Saamana.”The ‘suppressed truth’ regarding the price hike of petrol and diesel has finally come out in the open as the prices have been hiked by Rs 3 per litre. This price rise took effect just two days after Prime Minister Narendra Modi and the BJP …
New Delhi, May 15 (IANS) Pakistan is set to face renewed macroeconomic pressure as global debt has climbed to unprecedented levels, underscoring widening vulnerabilities across emerging economies already grappling with tight external financing conditions and volatile commodity markets, a report has said.The report published in Business Recorder highlighted that the latest assessment of global financial conditions shows that overall debt has surged to record highs, driven largely by sustained bor…
Islamabad, May 15 (IANS) The business community in Pakistan’s Peshawar held a protest rally against the smart lockdown imposed by the government, local media reported on Friday. The protest, led by the Khyber-Pakhtunkhwa Traders’ Organisation, witnessed participation of a large number of shopkeepers and businessmen, who shouted slogans and called for an immediate rollback of the lockdown, a reduction in petroleum product prices, and taking immediate measures to curb inflation, Pakistan’s daily T…
New Delhi, May 15 (IANS) Union Parliamentary Affairs Minister, Kiren Rijiju, on Friday praised India’s handling of fuel prices during global volatility triggered by the West Asia conflict, saying the country’s approach reflects responsible governance focussed on protecting citizens from inflationary shocks.Sharing his views on X, Rijiju wrote, “As the world battled rising fuel costs after the West Asia conflict, India stood apart. While several countries witnessed petrol & diesel hikes…
Thiruvananthapuram, May 15 (IANS) Senior CPI(M) leader and former Kerala Chief Minister Pinarayi Vijayan on Friday launched a sharp attack on the Centre over the latest increase in fuel prices, describing the move as a cruel betrayal of the people at a time when inflation and rising living costs are already pushing ordinary families into severe financial distress.In a strongly worded statement, Vijayan accused the Union government of imposing an additional burden on common citizens instead of of…
New Delhi, May 14 (IANS) Leaders across the world have started raising the alarm over the energy shortage due to the Iran war and the wider economic disruption that is being caused in its wake, and Singapore’s Prime Minister Lawrence Wong has now warned that the West Asian crisis is not likely to end anytime soon, and the adverse economic fallout is expected to deepen.Wong has pointed out that the Strait of Hormuz has been closed for more than two months, and the impact is being felt not just in…