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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.
- Inflation drives up family expenses by hundreds per month since Jan . 2025
A sample family budget shows monthly costs have risen by $275 since January 2025, as inflation keeps outpacing wage growth. A family of four with two children in daycare and a pet could be paying about $275 more each month than when Trump took office. The Consumer Price Index rose 3.7% over the past year, while the Producer Price Index, which tracks prices paid by businesses, rose 6.3%. Since Trump took office, groceries have risen about 3.5%, electricity about 10% and gasoline nearly 40%. An AP-NORC poll found 25% of U.S. adults approve of Trump's handling of the economy and 19% approve of his handling of the cost of living.
- 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, 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.
- Shoppers dont see the full brunt of US fuel costs . That could change
- 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.
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