US President Donald Trump on Tuesday insisted that his policies were working and that surging inflation was merely temporary due to the US and Israeli war against Iran.
“Our inflation is just short term,” Trump told reporters, hours after consumer price inflation came in at 3.8 per cent year-on-year, its highest level in three years. “As soon as this war is over, which will not be long, you’re going to see oil prices drop,” he said.
The war on Iran, launched on 28 February, has engulfed the Middle East in violence, with Tehran’s retaliatory action targeting US regional allies and virtually blocking the key Strait of Hormuz. The halt in shipping through the waterway, which normally sees about a fifth of global oil and gas traffic, has seen energy prices skyrocket.
As of Tuesday, the average price of a gallon of regular gasoline in the United States had risen about 51 per cent since the start of the war, according to data from the AAA motor club.
AFP
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