Global inflation was about to be tamed. Red Sea attacks now fan revival fears

Soaring shipping costs and a jump in oil prices are stoking worries about a revival of inflation pressures around the world. Only days into a 2024 that was meant to be the year inflation dissipated, manufacturers and retailers are again juggling delays and facing higher expenses , as persistent attacks by Houthi rebels in the Red Sea rattle a major shipping route through the Suez Canal. Ocean freight rates for goods from Asia to Europe have more than doubled over the past four weeks. A British Typhoon fighter jet takes off from a base in Cyprus as part of an air strike on Houthi rebels in the Red Sea. Credit: Getty Images Fears of…