Gasoline prices in the USA have increased by more than 50% since the start of the war with Iran, exceeding $4.5 per gallon. This sharp increase has raised the overall level of consumer prices in April.
According to the New York Times, citing the US Department of Labor, consumer prices in April 2023 increased to 3.8% year-on-year. In March, this rate was 3.3%, and in February – 2.4%. The rise in energy prices, particularly the blockade of the Strait of Hormuz due to the conflict with Iran, was the main reason for the increase in prices.
In addition to gasoline, other goods and services have also become more expensive. For example, airfares in April increased by 2.8%, and food expenses rose by 2.9% compared to the previous year. This creates additional pressure on consumers and the economy as a whole.
Analysts predict that inflation will be 3.7% throughout the year. This creates uncertainty regarding the possibility of lowering interest rates by the Federal Reserve, which is desired by President Donald Trump.
The United States has already begun using oil from the strategic reserve to stabilize oil prices. On May 11, 53.3 million barrels of oil were released for the needs of energy companies.
| Indicator | February 2023 | March 2023 | April 2023 |
|---|---|---|---|
| Consumer Prices | 2.4% | 3.3% | 3.8% |
| Gasoline Prices (per gallon) | – | – | $4.5 |
| Yearly Inflation | – | – | 3.7% (forecast) |
