The war's effect on American wallets has not arrived all at once. Fuel moved first, while groceries, airline tickets and children's shoes have adjusted at different rates, leaving households feeling the squeeze in uneven ways, the Associated Press reported in a review of retail prices ahead of the midterms. The conflict began in late February and for months choked off tanker traffic through the Strait of Hormuz, the exit for Persian Gulf crude, refined fuel and liquefied natural gas, according to CNN. Flows have since resumed, but the cost of moving oil out of the region remains elevated.
The latest government data show how much energy is driving the overall picture. Food prices, by contrast, were flat for the month, with beef and milk falling even as soft drinks and produce rose. Airline fares, which depend heavily on jet fuel, were among the categories still climbing.
Economists have tried to put a total on the household bill. Paychecks have not kept pace, and inflation-adjusted wages have fallen in most months since the fighting started. The White House has pushed back, describing Zandi as a partisan critic and saying the president is keeping Iran from obtaining a nuclear weapon, a spokesperson told the network.
Pump prices remain the most visible symptom. The next inflation report, covering October, is scheduled for Nov. 10, according to the BLS.