US Inflation Accelerates, Iran Truce Remains Fragile, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Karen Moscow. We begin with some breaking economic news, and U.S. inflation continued to accelerate in April amid an ongoing climb in gasoline prices driven by the Iran war. The Consumer Price Index rose 3.8 percent from a year earlier, marking the fastest pace since 2023. From a month earlier, prices were up six-tenths of a percent, and we get details with Bloomberg's Michael McKee.
Food prices up half a percent, food at home up seven-tenths of a percent, and gasoline prices up 5.4 percent. Nobody's going to be surprised at that number.
And that's Bloomberg's Michael McKee. Now, the core CPI, which excludes food and energy, increased four-tenths of a percent from a month earlier and 2.8 percent from a year earlier. The numbers were boosted in part by a statistical quirk in the report's measure of rents. resulting from the 2025 government shutdown. President Trump is showing signs of frustration at a lack of progress in negotiations to end the 10-week war with Iran. This is the Strait of Hormuz remains all but closed to vital energy supplies and oil prices continue to rise. After rejecting Iran's latest offer, Trump told reporters the response from Tehran was a piece of garbage and said the ceasefire was on life support. Begin more with Bloomberg Middle East correspondent Abir Abu Omar.
What it comes down to is the fact that the resolution that Iran had put through or the proposal that Iran had put through in response to what President Trump had given them, which is a gradual reopening of the Strait of Hormuz over the next month, is Iran has asked for what the U.S. has previously called maximalist demands, right? So that includes the fact that Iran wants to delay nuclear talks, that Iran wants its oil sales delayed, unsanctioned and that it wants its assets abroad to be unfrozen. That is something that The U.S. has not agreed on something that President Trump has called a piece of garbage.
That's Bloomberg's Abir Abu Omar. To help ease the burden of higher prices at the pump, President Trump said he is seeking to suspend the federal 18.4 cent-a-gallon tax on gasoline. According to independent budget analysts, that would cost the federal government about $3.5 billion a month in lost gasoline and diesel tax revenue. The president's proposal would require an act of Congress. Defense Secretary Pete Hagseth will face a new round of questioning from lawmakers over the Iran war today, including from some Republicans who have expressed concerns over the length of the conflict and its lack of congressional approval. The powerful House and Senate subcommittees that oversee defense spending are holding back-to-back hearings to review the Trump administration's 2027 military budget proposal, which calls for a historic allocation of $1.5 trillion.
While Iran could be the focus of discussions when President Trump meets this week with his Chinese counterpart Xi Jinping, we get more with Bloomberg's Mike Shepard.
Wednesday night, our time, about 10 p.m., that is when the two leaders are set to sit down.
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