More than seven months into the U.S. war with Iran, higher fuel prices are raising the cost of driving, flying, and some goods, though retail prices have not risen across the board. Moody's Analytics chief economist Mark Zandi estimates the war has cost the average U.S. household almost $2,000, including $1,100 in higher energy prices, and that the energy portion is growing by $50 a week at current fuel prices. U.S. regular gasoline averaged $4.33 a gallon, 45% above its prewar level, while diesel was up 68% at $6.33, and airfares were about 22% higher in September than a year earlier. The USDA now expects grocery prices to rise 2.4% this year, up from its earlier 1.7% forecast, and many companies have absorbed part of their higher costs so far, though analysts warn this could change if fuel prices stay high.
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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 raising the cost of driving, flying and some goods, with motorists and air passengers bearing the clearest impact. Gasoline averaged $4.33 a gallon, 45% above its prewar level of $2.98, while diesel rose 68% to $6.33, according to AAA. Airfares were about 22% higher in September than a year earlier, and USDA now expects grocery prices to rise 2.4% this year, up from an earlier estimate of 1.7%. Moody's Analytics estimated the war has cost the average U.S. household almost $2,000, including $1,100 in higher energy prices. Many companies have absorbed only part of their higher costs, so prices could rise further if fuel stays elevated.
- Iran war , oil prices , and impact on US consumers
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.
- 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.
- 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, sharply higher fuel prices are making driving, flying and some goods more expensive, though store prices have not risen across the board and many companies have absorbed part of their costs. Moody's Analytics chief economist Mark Zandi estimates the war has cost the average U.S. household almost $2,000, including $1,100 in energy prices, $540 in interest rates and $360 in military costs, with the energy portion growing by $50 a week at current fuel prices. According to AAA, the national average gasoline price was $4.33 a gallon on Friday, 45% above prewar levels, while diesel was $6.33, up 68%. Airfares were about 22% higher in September than a year earlier, and the USDA now expects grocery prices to rise 2.4% this year, up from an earlier estimate of 1.7%.
- 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.
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