Due to a spike in oil prices following the US-Israeli assault on Iran, US consumer prices have increased for the second consecutive month, the largest yearly increase in nearly three years. The Bureau of Labor Statistics consumer price index (CPI) report released on Tuesday shows that US consumer prices increased by 0.6 percent in April following a 0.9 percent increase in March.
Annually, prices increased by 3.8%, the biggest increase since May 2023. In March, prices increased by 3.3%. The increase was driven by a spike in energy costs, including a 5.4% rise in gasoline prices.
The rise is noticeable on a yearly basis. Over the past 12 months, energy costs have increased by 17.9%, with petrol prices up 28.4% from this time last year. The American Automobile Association (AAA), which monitors daily gas prices, reports that the average cost of a gallon (3.78 liters) of gasoline is $4.50. When the United States and Israel initially attacked Iran on February 28, the average price was $2.98.
According to a report given to Al Jazeera by Bernard Yaros, head US economist at Oxford Economics, “the passthrough of higher energy costs to non-energy prices was most evident in airfares, which airlines have had to raise to cover rising jet fuel prices.
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