Yesterday's US Inflation report came in softer than expected, with figures dropping from 4.2% to 3.5% when including food and energy, and figures excluding food and energy dropping from 2.9% to 2.6%
Headline inflation fell by nearly half a percent, which represents the largest monthly drop since April 2020. An initial signing of a peace deal which paved the way for the reopening of the Strait of Hormuz last month, eased supply concerns and led to Brent Crude Futures sliding by more than 20%, however with recent developments changing the dynamics, further escalation could lead to higher inflation over the coming months.
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