The US Treasury cited Treasury Secretary Scott Bessent's view that the current price surge is an energy shock tied to the Iran conflict and that prices will fall after the conflict ends. The Bureau of Labor Statistics reported consumer prices rose 0.6% in September and 3.7% over 12 months, with energy up 20.4% and gasoline up 34.2% from a year earlier, while grocery prices fell 0.1% for the month. Core CPI rose 2.6% over the year, up from 2.4% in August, and rent rose 2.8%, so the article notes the data do not support claims that core inflation or rents are falling. Brent crude settled at $109.86 a barrel on October 16, and freight costs for one planned US-to-Japan tanker voyage equaled $40.50 per barrel. Agricultural commodity prices rose 13% in the third quarter, and the International Fund for Agricultural Development warned that disrupted fertilizer and transport could push food prices higher.
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Original headline: Iran conflict blamed for US energy shock and pressure on gas and grocery costs · Digg
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