The cost of groceries and fuel is pushing the everyday American into a dire situation. People are using credit cards to make ends meet and cutting back as the prices continue to soar.
If You Think Prices Are High Now, Just Wait Until The Shortages Really Start Kicking In
Consumer prices rose 4.2% from a year earlier and increased 0.5% on a monthly basis, with higher gasoline costs adding pressure on household budgets across the country, the Bureau of Labor Statistics (BLS) reported on Wednesday. Energy prices accounted for more than 60% of the monthly rise in the Consumer Price Index.
The pain at the pump is becoming the most noticeable side effect of the war. Before the war with Iran started, most Americans noticed the inflation hitting food prices. The increase in gas prices is hard to combat, especially if people want ot get to work so they can buy the expensive groceries. Gasoline prices climbed 40.5% from a year earlier, turning a $40-$50 fill-up into a $60-$70 hit. The war has added an estimated $59 billion to America’s fuel bills since February, according to The Independent, or roughly $750 per household based on Moody’s Analytics estimates.
This amounts to a large weekly increase in fuel costs. According to a report by RT, rural households have been hit particularly hard, paying an extra $26 per week for gas compared with prewar prices, according to the Center for American Progress. Economists warn the final tally could climb much higher if the Strait of Hormuz remains closed.
U.S. Begins Blockade of Strait of Hormuz
Oil industry executives warn that the horrible pain at the pump may not be over. “We’re sounding the alarm,” American Petroleum Institute CEO Mike Sommers told Fox Business, citing fuel inventories nearing critical lows.
For many, these cost increases are not financially reasonable, and cuts cannot be readily made to offset them.
Credit Card Debt Hits Record $1.25 Trillion With Delinquencies At An Alarming 15-Year High
If things continue to worsen, Americans could be faced with terrible choices and not many solutions. The United States ruling class seems content to keep the war going, as prices surge, and people are pushed to their breaking point financially.
Oil Prices SURGE As US Hits Multiple Targets Across Iran