Rising Gasoline Prices Fuel Fresh Inflation Fears in the U.S.
Rising Gasoline Prices Fuel Fresh Inflation Fears in the U.S.
A surge in energy costs is expected to drive overall U.S.
consumer inflation higher, with September numbers seen at 0.6% on a monthly basis by economistspolledby Reuters.
The official CPI data for September is due out later today.
Gasoline prices in the United States went up by 7.1% last month, with the latest daily average national price at $4.3413 per gallon, according toAAA.
This is close to what the average was a month ago, with the difference at $0.028 per gallon.
Diesel prices, however, remain stubbornly high, at above $6 per gallon, although they are off their all-time high of over $6.50 per gallon.
Another Reuters poll suggested that well over two-thirds of Americans, or 78%, are blaming Trump policies for the rise in the cost of living.
Among specific policies, respondents in the poll noted the war in Iran and tariffs on imports.
That's what they feel every day,” according to Sung Won Sohn, professor of finance and economics at Loyola Marymount University, who spoke to Reuters.
“Many voters are at the lower leg of the K-shaped economy.
They are suffering because of higher energy and food prices, and I assume that will have an impact on the election results, as a lot of people seem to think.” The K-shaped economy concept describes a situation where one part of the economy grows while another shrinks, with the different parts essentially moving in opposite directions.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment