"The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors. The energy index was the largest single contributor."
"Diesel prices are up 45% since the Iran war began. Over the same time, gasoline rose 40%. It is nearly impossible to make the case that the truck owners can absorb a jump of this magnitude without passing some, or not all of it, to customers."
"Energy prices are projected to surge by 24% this year to their highest level since Russia's invasion of Ukraine in 2022, as the war in the Middle East sends a severe shock through global commodity markets."
"Brent oil prices rising to $126, up from $55 at the start of the year, will be ruinous to global GDP if the price does not come down."
In June 2022, inflation peaked at 9.1%, the highest since 1981, primarily due to rising energy, food, and shelter costs. Diesel prices surged 45% since the Iran war began, impacting freight costs. The World Bank forecasts a 24% rise in energy prices in 2026, linked to geopolitical tensions. Economists predict inflation may be tempered by falling crude prices, but rising Brent oil prices threaten global GDP. The interconnectedness of energy and food prices remains a significant concern.
Read at 24/7 Wall St.
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