It doesn't take an economist to tell you that Americans are feeling a significant strain on their finances this spring. One of the most noticeable impacts of the ongoing war in Iran is the effect on gas prices.
Americans are paying an average of $4.50 per gallon, up about 50% since the start of the conflict. Fuel prices impact just about everything, and that's reflected in April's Consumer Price Index (CPI) increase, which came in higher than anticipated at 3.8%.
Analysts are now turning their attention to May and beyond, and the Federal Reserve just shared some terrible news for stock investors with its latest inflation forecast.
Image source: Federal Reserve.