Iran Conflict Drives U.S. Inflation to 3.8% in April
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- U.S. Bureau of Labor Statistics reported the consumer price index rose 3.8% in April year‑over‑year, up from 3.3% in March.
- Brent crude oil spiked to $118 per barrel by the end of April from about $70 before the Iran conflict, staying above $107 early Tuesday.
- Gasoline prices rose about 50% since the war began on Feb. 28, reaching a national average of $4.50 per gallon, up from $3.14 a year ago.
- President Donald Trump rejected Iran’s latest proposal to end the war, sending oil futures higher.
- Mark Zandi of Moody’s warned American households will continue to struggle with the double squeeze of higher gasoline and core budget items.
Why it matters: Consumers bear the brunt as gas costs jump 50% and food prices climb, squeezing household budgets, while oil‑dependent exporters see higher revenues but the broader economy faces inflationary pressure.
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