US producer inflation tops expectations as energy costs jump amid Iran war
Middle East3 sources3 countries🔦 Under-reported49m ago
US wholesale inflation exceeded expectations in August, according to government data released on Thursday. The increase was primarily driven by a surge in energy costs, with diesel prices reaching a record high of US$5.98 per gallon, compared to the previous year's average of US$3.71.
The rise in energy prices is placing significant financial pressure on both American households and businesses. The current economic environment is further complicated by ongoing geopolitical tensions, specifically the conflict involving the United States and Iran.
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South China Morning Post (HK)Explicitly links domestic inflation to the ongoing war with Iran.
Newz