Trump Triggers Fresh Inflation Fears as Iran War Drives Gas Past $4
Trump’s war standoff with Iran is now showing up in the inflation data pipeline, and the squeeze is landing first on fuel, groceries, and other essentials that hit working-class households fastest. The immediate conflict is not whether prices are rising, but how much of that shock will spread beyond gas into the rest of the economy.
According to Reuters, oil prices have surged more than 50% during the conflict and U.S. gas prices have climbed above $4 a gallon for the first time in more than three years. A Reuters poll ahead of Friday’s CPI report expects headline inflation to jump 0.9% in March, while core CPI is seen rising 0.3%.
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That matters for the American working class because energy spikes rarely stay at the pump. Reuters reported the ISM prices-paid index hit 70.7, its highest since October 2022, while the U.N. food agency said higher energy costs are already lifting global food prices. AP also reported consumer expectations fell to 70.9 even before the next CPI reading lands.
The next big test is Friday’s inflation report, which will show how much of the war shock has already reached household budgets.
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