"The national average for a gallon of gasoline is poised to surpass $4, up from about $3 a month ago - and is set to rise further the longer the Strait of Hormuz remains blocked."
"Higher energy prices will also likely show up in more expensive airfares and in shipping costs that could ripple through all sorts of goods."
"The Organisation for Economic Co-operation and Development this week projected U.S. inflation will reach 4.2% this year, up from a previous projection of 3%."
"Consumer prices are up 25% since December 2020, and the job market is much weaker now than it was in 2022, with less hiring and smaller pay increases."
Energy prices are surging, with gasoline expected to exceed $4 per gallon. Electricity and natural gas prices have also risen significantly. Higher energy costs will likely increase airfares and shipping expenses, affecting various goods. Grocery prices have increased by 3.9%, and the blockade in Iran is impacting fertilizer supply, potentially raising food prices. U.S. inflation is projected to reach 4.2% this year, compounded by a weaker job market and consumer sentiment indicating rising inflation expectations.
Read at Axios
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