The latest fuel price spike is harder to bear than earlier this year, as businesses and consumers have less room to absorb it, and inflation is spreading beyond energy. Average diesel hit $6.30 a gallon on Wednesday, up about 68% from before the Iran war, according to AAA. Core CPI rose to 2.6% in September from 2.4% in August, while retail sales excluding gas stations rose just 0.2%. The Fed's Beige Book reported more fuel surcharges, squeezed margins and consumers pulling back on spending. A regional grocery chain said it now pays more to ship a head of lettuce from California than the lettuce itself, as diesel rose 30% from last year.
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Two Singapore-flagged container ships, GFS Pride and GFS Giselle, were attacked this week; GFS Pride sank after being struck by a projectile and catching fire, while GFS Giselle was damaged, and both crews were reported safe. Analysts say shipping through the strait is unlikely to stop entirely, as strong demand for Middle Eastern energy and commercial opportunities keep some operators willing to accept higher risks and costs. Kpler data show crossings fell to 131 in the week ended Oct. 14 from 176 the previous week, though the decline cannot be attributed solely to these incidents. Most major container lines have not resumed Hormuz services since the war broke out in February, with only some regional operators running sporadic services on smaller feeder vessels.
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According to the Bureau of Labor Statistics, at-home food prices were flat from August to September but were up 1.8% year over year, down from 2.1% in August and 2.6% in July. Grocery prices are about 22% higher than five years ago. The Social Security Administration announced benefits will rise 3.6% next year, an average increase of about $75 per month. The article says this adjustment more than offsets food price increases but trails housing and transportation costs. Because adjustments take effect only after prices rise, beneficiaries may have covered extra expenses for up to 12 months.
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Petrol and diesel prices in major Indian cities held steady on October 18, as oil marketing companies announced no revisions. Fuel prices vary by state and city because of local VAT, freight charges and other local factors, even as global crude prices fluctuate amid Middle East tensions. In New Delhi, petrol sells for 102.12 rupees per litre and diesel for 95.20, while Mumbai charges 111.21 and 97.83 respectively. The article also lists Chennai, Kolkata, Bengaluru and Hyderabad, where petrol is highest at 116.15 rupees per litre. State-run companies revise prices daily at 6:00 AM based on a 15-day rolling average of international benchmarks and the rupee-dollar exchange rate.
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