Iran War Pushes Eurozone Inflation to 3%
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The eurozone's consumer price index rose to 3% in April, driven by a 10.9% surge in energy costs. Core inflation remained at 2.2%. GDP growth was only 0.1% in Q1, below expectations, as the Iran war impacts confidence. The ECB is expected to maintain its rate at 2%, facing a dilemma between combating inflation and risking recession. Economists warn of potential stagflation if the Strait of Hormuz blockade continues, with a rate hike seen as a possible policy mistake that could lead to a mini-recession by late 2026 or early 2027.
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