Inflation of the U.S. dollar slowed in June, marking the largest one-month decrease since April 2020. June saw lower energy prices due to relative peace in the Iran war and the opening of the Strait of Hormuz, but escalations in the Iran and Ukraine conflicts are set to squeeze the economy again.
“The Consumer Price Index rose 3.5% in the 12 months through June — down from 4.2% in May,” Axios said Tuesday. “On a monthly basis, prices fell 0.4%, after increasing 0.5% in May. The CPI for energy fell 5.7% in June, after climbing 3.9% in May — it was the largest factor in the June fall in inflation.”
While the data sheds some insight into what ceasing hostilities can do to the economy, July has been host to a resumption of conflict in the Iran war, and with it, higher energy prices and related economic impact.
Brent crude is up 20% since July 1, and with commodity prices tied to energy, the cost of goods are set to rise across the board.
“That means Americans are likely about to experience another bout of pain at the gas pump — a political problem for President Trump and Republicans as the midterm elections draw near,” Axios said.
While the Iran war strangles global energy markets via the Strait of Hormuz, the Ukraine war threatens another major hydrocarbon exporter, Russia.
Kiev has specifically been targeting Moscow’s energy infrastructure in recent weeks, leading to Russia becoming a net oil importer.
On July 8 Alex Jones Live reported on a Ukrainian attack against Russian oil tankers.
On July 4 Alex Jones Live reported on a Ukrainian drone attack against a St. Petersburg oil terminal.
On June 26 Alex Jones Live reported on massive drone offensive against numerous Russian regions, including Moscow. That attack also targeted Russian oil infrastructure.
On June 23 Alex Jones Live reported how half of Crimea went dark after a Ukrainian strike hit a thermal power plant.
On June 18 Alex Jones Live reported on another massive Ukrainian drone swarm that targeted energy infrastructure near Moscow.
