War Premium Feeds Food Prices

WashingtonUS diesel costs $5.36 a gallon, the Energy Information Administration says.

Diesel prices set freight costs, and freight sets grocery prices months later.

Crude is priced globally, so a Hormuz squeeze raises pump prices despite the US exporting more oil than it imports.

This week’s inflation print follows a 4.2% May peak and 3.5% in June, the Bureau of Labor Statistics says.

Sources: Responsible Statecraft