US central bank predicts inflation rise from Iran war as oil prices surge again

The US central bank has raised its forecast for inflation as the Iran war-linked surge in global energy prices threatens self-inflicted damage on the world's largest economy.The Federal Reserve held off putting up interest rates despite the challenge to price stability posed by President Trump's decision, along with Israel, to attack the Iranian government. Retaliation from Iran, centred on Gulf neighbours, has severely curbed oil and gas output across the region, with the halt to deliveries through the key ...