The rise in energy costs in the United States has directly impacted consumer inflation rates, and it is expected that September's inflation figures will reach 0.6% compared to the previous month. These figures will be released soon, and analysts have predicted that these rising costs will have serious implications for the economic outlook based on the available data.
Details on Gasoline and Diesel Prices
According to reports, gasoline prices in the United States increased by 7.1% last month, reaching an average of $4.3413 per gallon. This price is close to the average from a month ago and is only $0.028 higher than the price from a month prior. Meanwhile, diesel prices remain above $6 per gallon, although they have decreased from their historical high of over $6.50 per gallon.
Read more: Baltic Dry Index drops 1.8% to 2801 units
Economic and Social Impacts
According to surveys, over two-thirds of Americans, particularly 78%, have identified Donald Trump's policies as a factor in rising living costs. Among the specific policies mentioned are the war in Iran and tariffs on imports. Song Won Sun, a finance and economics professor at Loyola Marymount University, emphasizes that "people care about food and energy, and they feel these impacts daily." He also noted that many voters in the lower economic sector are struggling, and these rising prices will have a direct impact on election outcomes.
Surveys also indicate that inflation for the 12 months ending in September has reached 3.6%, significantly higher than the Federal Reserve's 2% target. Specifically, the core inflation rate, which excludes energy and food prices, has also been 2.4% during this period, exceeding the Federal Reserve's target.
Read more: 7% decrease in gasoline consumption in Iran · President Trump identified refineries as the main pressure point on gasoline prices
