Key facts
- The Iran war has cost the average American household an estimated $1,000.
- Increased expenses include higher costs for fuel and food.
- The conflict began on February 28.
- U.S. inflation reached its highest level in three years in May.
- Mark Zandi is the chief economist at Moody's Analytics.
The Iran war has imposed an estimated cost of $1,000 on the average American household due to increased expenses since the conflict began on February 28. Mark Zandi, chief economist at Moody's Analytics, provided this estimate, attributing the rise in costs to higher prices for fuel, food, and other goods. This economic impact is occurring as U.S. inflation has reached its highest level in three years as of May. The conflict's financial strain on households is a significant consequence of the geopolitical instability, affecting everyday consumer spending and contributing to broader inflationary pressures.