Inflation spikes again in April amid Iran war
Inflation rose to the highest level since 2023 in April as high oil prices stemming from the Iran war pushed up prices at filling stations and affected supply chains.
As average U.S. gasoline prices continue to rise, President Donald Trump is asking Americans for patience, even as analysts predict prices could reach even higher levels.
In comments to reporters outside the White House on May 19, President Trump said Americans’ economic problems were “peanuts” compared to the possibility of Iran acquiring a nuclear weapon, adding that rising prices would not last “for very long.”
“We have to do something about Iran. We can’t let Iran have nuclear weapons,” President Trump said. “You want to see the world explode? You want to see trouble? This is peanuts.”
Trump’s comments came just a week after the president shared similar sentiments and said he was less concerned about the economic hardship of Americans than Iran’s possible nuclear program.
President Trump said on May 12: “I don’t care about the economic situation of Americans. I don’t care about anyone else. I only care about one thing: We can’t give Iran a nuclear weapon. That’s it.”
Patience required as gas prices soar
On May 20, the average price of a gallon of gasoline in the United States reached a staggering $4.55 per gallon, according to the AAA Auto Club.
This price is up from an average of $4.04 a month earlier on April 20th, and significantly higher than the $2.98 per gallon average on February 28th, when the United States and Israel launched military strikes against Iran.
But Patrick de Haan, head of oil analysis at GasBuddy, says the price increases the U.S. has experienced may be just the beginning.
“Breaking news: GasBuddy predicts the most expensive summer at the pump in years amid Straits closures…likely to reach $5 per gallon, setting a new record with an average of $4.80 and surpassing the summer 2022 average of $4.43 if the Straits remain closed,” De Haan said in a post on X.
USA TODAY’s Keith Laing and Joey Garrison contributed to this report.
Fernando Cervantes Jr. is a trending news reporter for USA TODAY. Contact us at fernando.cervantes@usatodayco.com and follow us at X @fern_cerv_.
