ECB data revealed that consumer inflation expectations in the Eurozone surged by 2.5 percentage points due to geopolitical shocks, including the Iran war driving up fertilizer prices. The OECD warns that the war could lead to recessions in some countries and sharply higher inflation. In the U.S., inflation rates have surged significantly, prompting companies to freeze hiring, while Americans are trying to adjust to a new phase of reduced spending power.
