Gas prices on display in Brighton Beach in Brooklyn on 12 May 2026, in New York City, US. Photo by Spencer Platt/Getty Images As statistics authorities across the globe start to publish inflation data for the month of April, the scale of the Hormuz inflation shock is slowly becoming visible. The US announced its Consumer Price Index (CPI) had risen by 0.6 per cent in the last month, and 3.8 per cent over the last 12 months, its highest rise since May 2023.