World Business Report
US inflation leaps to 3.8%
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12 May 2026
9 minutes
Available for 14 days
The blockade of the Strait of Hormuz have caused higher energy and grocery prices. The average US price for a gallon of unleaded is at its highest level since July 2022, at $4.50.
A Japanese snack maker says it's been forced to print its packaging in black and white because of ink shortages caused by the crisis in the Persian Gulf.
And it's the first day of the Cannes Film Festival in the south of France, one of the biggest events in the world of cinema.
