Energy Price Spike Fuels Global Inflation Fears

Renewed inflation risks are building globally, complicating economic outlooks on both sides of the Atlantic. In the US, wholesale prices accelerated in August, increasing expectations for a Federal Reserve rate hike next week.

The European Central Bank raised rates for the second time since June as concerns about inflation from the Iran war persist.

'The longer energy prices stay high, the more likely they are to drive up broader inflation through indirect and second-round effects,' said ECB president Christine Lagarde.