New Delhi, May 13 -- The US consumer price index (CPI) for April came at a three-year high of 3.8%, fanning speculations that the US Federal Reserve could bite the bullet and raise interest rates in the near future.

US inflation has been rising for the last two consecutive months. In March, inflation rose to 3.3% year-on-year (YoY) after staying at 2.4% in January and February each. April's CPI at 3.8% is the highest since May 2023, when the US CPI was 4%.

The bad thing about inflation is that it may rise further, thanks to elevated crude oil prices due to the Middle East conflict.

Before the geopolitical conflict escalated, US inflation was broadly on track to moderate. The recent surge in crude oil prices disrupted that trend by push...