Inflation surged to a three-year high of 3.8% by the end of April, according to the Consumer Price Index on Tuesday, rising faster than wages, which grew by 3.6%.
Read more: The Global Affordability Crisis Isn’t Going Away
“I don’t think about Americans’ financial situation. I don’t think about anybody,” he said. “I think about one thing: We cannot let Iran have a nuclear weapon. That’s all.”
Yet the war has undoubtedly impacted prices not just for fuel but for household items across the board.
Even if the United States ended its conflict with Iran today, the vulnerability in the U.S. supply chain has been exposed and experts say it will likely take months for oil shipments to reach the United States.
Unsurprisingly, the report shows that energy prices had the largest inflation jump in April, with the energy index increasing 3.8 percent in April and 17.9 percent in the last 12 months. The gasoline index, in particular, increased by 28.4 percent year over year in April.
That price is likely to stay elevated even if the Strait reopens tomorrow. Some experts predict that if shipping lanes continue to operate at limited capacity, crude prices could reach $150 a barrel, up almost $50 from current levels, which could lead to gas prices of $5 or $6.
The price of food, especially fruits and vegetables, has risen dramatically
Fresh fruits and vegetables drove the largest increase among food products, soaring 6.1 percent in April from a year earlier.
The Trump Administration levied tariffs of about 17% on fresh tomatoes, for example, from Mexico starting in July 2025, and 90% of all imported tomatoes come from the U.S.’ southern neighbor.
Other products like coffee— which jumped 18.5% from last year and rose 2% from the previous month—and beef have risen sharply in the last year, but these products have increased for reasons beyond the Iran War.
The price of clothes rises for a fifth straight month
Clothing prices rose 4.2% in the 12 months leading up to April—the fifth straight month of increases for consumers and the biggest rise in three years.
It has also drastically raised costs of chemicals and dyes used by fast-fashion brands such as H&M, Zara-owner Inditex, and Target..
But many of these companies have recently increased prices to offset the blow to their profits, especially as the surge in fossil fuel prices has increased shipping costs for materials like polyester and nylon.
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