(Bloomberg) --The fallout from the war in Iran continued to ripple across the global economy, complicating the outlook and fueling inflation angst.In the US, a closely watched measure of consumer prices climbed at the fastest pace since 2023, eroding incomes and straining consumers. Elevated oil prices are putting pressure on longer-dated Japanese government bond yields, and Cuba is running out of food and fuel.The European Central Bank is forecast to raise interest rates twice this year amid the renewed burst of inflation. The global energy crisis also set the backdrop for US President Donald Trump’s trip to China for a two-day summit with President Xi Jinping, marking the first time a US leader has visited the country in almost a decade.Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, markets and geopolitics:USBloombergThe worst US inflation in years is once again eating away at Americans’ paychecks, as rising gasoline and grocery prices threaten to undermine household spending. Data out earlier this week underscored how the Iran war is reigniting inflation, straining consumers who were already frustrated by the high cost of living. After accounting for rising prices, wages declined in April from a year earlier — the first such drop since 2023. BloombergThe vast majority of Americans worried about high prices in 2025, and a growing share grew anxious about the job market too, according to an annual Federal Reserve survey. Amid near-zero job growth last year, 42% of adults reported that finding or keeping a job was either a minor or major concern, up from 37% in 2024.EuropeBloombergUK government bonds tumbled after Manchester Mayor Andy Burnham secured a pathway to potentially challenge Keir Starmer as prime minister, threatening political instability that investors fear could result in more expansive fiscal policy. The yield on 30-year gilts, the most sensitive maturity to political risk, surged as much as 20 basis points to 5.86%, the highest since 1998. BloombergFrench unemployment unexpectedly rose to the highest level in five years, adding to signs the euro area’s second largest economy was already on a weak footing when the Iran war began.BloombergThe UK kicked off the year with a burst of economic growth, with business and consumers appearing to hold up in the initial weeks of the Iran war. However, economists warned that growth is now at risk from the fallout from a Middle East conflict that shows no signs of ending and the prospect of a new prime minister.BloombergThe European Central Bank will raise interest rates twice this year as the Iran war drives inflation higher, a Bloomberg survey showed. Economists see quarter-point hikes in both June and September, aligning more closely with market expectations for at least two moves this year, according to the May 4-7 poll.AsiaBloombergIn South Korea’s $4.6 trillion stock market, signs of euphoria are popping up everywhere. Enthralled by a 200% surge over the past year that has far outpaced every other market on earth, locals are borrowing record sums to amplify their bets on stocks.BloombergJapan’s 20-year government bond yield climbed, as elevated energy prices add to inflation pressure. Upward pressure on Japanese government bond yields is building as oil prices remain elevated after the US and Iran rejected each other’s proposals to end the conflict, dimming prospects for a near-term resolution.BloombergChina’s factory prices grew at the fastest pace since the pandemic four years ago as the fallout from the Iran war sharply raises costs and leaves profits under pressure. Though food prices slumped, consumer inflation unexpectedly climbed to 1.2% from a year earlier, surprising analysts who expected a slight slowdown.BloombergIndia raised import tariffs on gold and silver in an attempt to defend its currency, as the country races to shore up foreign-exchange reserves and limit the damage from the war in the Middle East.Emerging MarketsBloombergTo Fidel Castro and Cuba’s communist elite, private businesses were totems of capitalist evil. Now, with the country running out of food and fuel, the regime on the brink and anger spreading in the streets, it’s those private businesses — run by once-persecuted, small-scale capitalists — that hold the key to salvaging what’s left of Cuba’s economy. BloombergRussia’s economy contracted in the first quarter for the first time since the start of 2023, a setback for President Vladimir Putin’s demand for continued growth as he pursues the war in Ukraine. Gross domestic product shrank 0.2% in the first three months of the year from the same period a year earlier, according to Federal Statistics Service data.WorldBloombergThe impact of the energy crisis on the global economy in recent months is showing up in gauges of supply-chain stress that flashed red during the pandemic, adding to reasons for central banks to be on guard for a recurrence of high inflation. BloombergZambia and Angola lowered interest rates, while Uganda, Peru and Romania left borrowing costs unchanged.