More than seven months into the U.S. war with Iran, higher fuel prices are making driving and flying more expensive and adding to the cost of some goods as the midterm elections approach. Mark Zandi, chief economist at Moody's Analytics, estimates the war has cost the average U.S. household almost $2,000, including $1,100 in higher energy prices, $540 in higher interest rates and $360 in military costs. The national average for regular gasoline was $4.33 a gallon, 45% above its prewar level, while diesel rose 68% to $6.33. Airfares were about 22% higher in September than a year earlier, and airlines have raised fares and trimmed schedules, with United pulling some December flights. The USDA now expects grocery prices to rise 2.4% this year, up from its earlier forecast of 1.7%, though retailers may be absorbing some increases so far.
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- Retail price impacts from the Iran war are uneven but add up for US households before midterms
More than seven months into the U.S. war with Iran, higher fuel prices are making driving and flying more expensive and adding to the cost of some goods. AAA reported the national average for gasoline at $4.33 a gallon, 45% above its prewar level, while diesel rose 68% to $6.33. Airfares in September were about 22% higher than a year earlier, and airlines have trimmed schedules. Grocery prices have risen only modestly so far, as many companies absorb part of their higher costs, though experts warn fresh produce could rise quickly. Moody’s Analytics estimates the war has cost the average U.S. household almost $2,000.
- Gas price calculator shows how far your money goes
The average U.S. price of regular gasoline was $4.36 in September, according to the Energy Information Administration, after rising sharply since the U.S. war with Iran began in February. The Bureau of Labor Statistics said the gasoline index was up 34.2% year over year, and its 9.1% monthly surge accounted for over half of the overall monthly increase, with headline inflation at 3.7%. The Get the Facts Data Team's new calculator lets users enter typical pump spending to see how many gallons it would have bought at the EIA's monthly average price.
- Gas price calculator shows how far your money goes
Gasoline prices have risen sharply since the U.S. war with Iran began in February, with the average price of regular gasoline at $4.36 in September according to the EIA. The Get the Facts Data Team built a gas price calculator that uses the EIA's monthly national average to show how many gallons the amount you normally spend at the pump buys now compared with before this year's price changes. The BLS reported the gasoline index rose 34.2% year over year in September, and a 9.1% monthly surge in the index accounted for over half of the month's overall increase. Overall inflation worsened to 3.7% year over year last month as the ongoing U.S. war with Iran keeps oil prices elevated.
- Gas price calculator shows how far your money goes
The average price of regular gasoline in the U.S. was $4.36 in September, according to the Energy Information Administration, and the gasoline index was up 34.2% year over year. The Get the Facts team built a calculator that shows how many gallons a given amount of spending buys now compared with before, based on the EIA's monthly average prices. The gasoline index rose 9.1% in September alone, accounting for over half of the month's overall increase in consumer prices, and overall inflation reached 3.7% year over year. The article links the price rise to the U.S. war with Iran, which began in February and has kept oil prices elevated.
- Gas price calculator shows how far your money goes
Gas prices have risen sharply since the U.S. war with Iran began in February, with the average price of regular gasoline at $4.36 per gallon in September according to the U.S. Energy Information Administration. The article introduces a calculator that shows how many gallons a set amount of money buys at each month's national average price, allowing comparisons with earlier periods. It notes that the gasoline index was up 34.2% year over year in September according to the Bureau of Labor Statistics, and that overall inflation rose to 3.7%.
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