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.
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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, 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%.
- Retail price impacts from the Iran war are uneven but add up for US households before midterms
- 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.
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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, sharply higher fuel prices are making driving and flying more expensive and adding to the cost of some goods, straining households ahead of the midterm elections. According to AAA, the national average gasoline price reached $4.33 a gallon on Friday, 45% above its prewar level of $2.98, while diesel rose 68% to $6.33. Airfares were about 22% higher in September than a year earlier, and USDA raised its grocery price forecast for this year to 2.4% from 1.7%. Mark Zandi of 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 part of their higher costs so far, but a September jump in wholesale prices suggests retail prices may rise if fuel stays elevated.
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