The potential rise in oil prices due to Middle East tensions and a possible strike by the International Longshoremen's Association could significantly affect inflation.
Crude jumped by about $4 from $70 last week as the military and political state of the Middle East became more unstable, indicating the precariousness of oil pricing.
The International Longshoremen's Association agreed to a deal raising pay by 62%, but rank-and-file workers can still reject it, potentially leading to a strike.
If the longshoreman's strike occurs, it could trigger shortages of essential goods across East Coast ports, affecting consumer and business costs substantially.
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