"Blended average of wage, diesel & commodity trends (mostly driven by diesel fuel cost up 60% y/y in May) imply the Food at Home CPI could accelerate..."

Stock markets rallied worldwide, and oil prices eased after the United States and Iran reached a tentative deal to get the global flow of crude going again

US-Iran peace deal sparks immediate drop for Brent crude but analysts warn complex negotiations lie ahead, potentially halting further significant drops

The development, stemming from an interim US-Iran agreement, could alleviate food inflation fears fueled by the Middle East conflict.