Iran War Driving Up US Inflation by Over One-Third

The ongoing war in Iran is significantly driving up inflation for Americans, according to a recent report from the Congressional Budget Office. The CBO found that more than one-third of this year's increase in inflation can be attributed to the conflict. This has led to higher borrowing costs, with interest rates expected to rise as a result.

The average price of gasoline in the U.S. is up 45% since the beginning of the war, hitting $4.32 per gallon. Diesel fuel, essential for farm equipment and other commercial vehicles, has increased by 66% to a record high of $6.26. The CBO report estimates that it will take five years to replace munitions expended during the war, which is estimated to have cost around $38 billion as of August 1.

The report also notes that the Pentagon's inability to share information about damaged or destroyed equipment and property has hindered the agency's ability to estimate the full cost of the conflict. Sen. Elizabeth Warren called for an end to the war, describing it as 'a one-two punch that's burning a hole in Americans' pockets and burning a hole in our munitions supply.'