Prices in the United States continue to rise, Americans’ real wages are falling, the cost of gasoline remains high, the cost of diesel is breaking records, and interest rates are expected to rise… The picture for the start of the school year is not very encouraging for President Donald Trump, whose economic balance sheet is darkening two months before the mid-term elections, weighed down in particular by the military offensive against Iran – and the progression of the Houthi rebels, allies of Tehran, in Yemen -, from which he does not know how to extricate himself.
The Consumer Price Index (CPI), published Friday September 11 by the Bureau of Labor Statistics, shows that inflation remained very high in August, at +0.4% month-on-month and +3.4% year-on-year (in line with July data). Prices are driven up by the rise in the cost of energy, directly linked to the closure of the Strait of Hormuz by Iran, in response to the American-Israeli campaign, which has exceeded six months and does not seem close to finding an end.
The price of fuel started to rise again in August, the figures over one year are unequivocal (+ 27.4% for gasoline, and + 52% for fuel oil). Logically, this is reflected at the pump, with a gallon of gasoline (3.78 liters) at 4.30 dollars (3.70 euros) compared to 2.90 dollars before the crisis, and a gallon of diesel (widely used in transport) which, for the first time, has crossed the 6 dollar mark.
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