Central bankers warn that the recent Iran‑Washington ceasefire offers only partial relief to global inflation. Oil prices fell to about $76 a barrel, easing one pressure point but leaving energy costs above pre‑war levels.

The Bank of England held rates at 3.75 % and warned of possible hikes if inflation moves higher. The Federal Reserve’s new chair, Kevin Warsh, signalled that rates could rise beyond the current 3.5‑3.75 % range as core US inflation stays near 3.3 %.

European and Australian central banks echoed caution, noting that supply disruptions through the Strait of Hormuz could keep energy prices elevated. Even with the ceasefire, analysts expect a floor on oil prices, keeping headline inflation near 3 % and above the 2 % target.

Investors now price in at least one rate increase before year‑end, as all major banks retain vigilance over second‑round inflation risks from the conflict and supply chain shocks.