Washington, June 30 -- The Iran war has cost the average American household roughly USD $1,000 in higher fuel, food and other expenses since the conflict began in February, according to an estimate by Moody's Analytics chief economist Mark Zandi.
The assessment comes as inflation reached its highest level in three years in May and as Washington and Tehran continue efforts to negotiate a lasting peace agreement. The two sides exchanged military strikes over the weekend, threatening to undo the fragile ceasefire.
According to Zandi, rising fuel prices have been the biggest burden on consumers. Petrol prices peaked at $4.56 per gallon in May before easing below $4 this month. He estimates the average household has spent an additional $300 on...