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In today’s video, we take a deep dive into the growing global economic fallout from the war in Iran as inflation starts accelerating again across multiple major economies at the same time.

The latest US inflation data has just been released and the numbers are alarming. Gasoline prices are surging, electricity costs are rising sharply, food prices are climbing and supply chain stress indicators are now starting to resemble the problems we saw during Covid.

But this is no longer just an American story. Europe has also reported rising inflation, the UK is warning of higher energy bills ahead, and Canada and Australia are both seeing fuel-driven inflation pressure building rapidly.

We also discuss the growing jet fuel crunch that is now pushing up airfares around the world, the impact of oil remaining above $100 per barrel, the ongoing disruption in the Strait of Hormuz, and why central banks are now trapped between rising inflation and weakening economic growth.

Could this become another global stagflation crisis? And is this only the beginning of the economic damage?