Iran war has cost Americans $1,000 per household, economist estimates

The Iran war has cost Americans roughly $1,000 per household in higher fuel, food and other expenses since the start of the conflict in February, according to an estimate shared last week by Moody's Analytics chief economist Mark Zandi.

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According to Zandi, the biggest war-related expense for Americans has been gasoline, which peaked at $4.56 a gallon on May 21 before dipping back below $4 a gallon earlier this month. Since the war began on Feb. 28, Americans have shelled out an additional $300 on average to fill up their tanks, he found, an estimate that only factors in the higher cost of regular gas.

Higher diesel costs have also increased the cost of transporting products from farms, factories and seaports, leading to higher retail costs, Zandi said. He estimates the typical U.S. household has spent an extra $200 on groceries due to higher fuel costs since the start of the war.

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"My estimate that the Iran war has cost the typical American household $1,000 and counting is, if anything, conservative," Zandi wrote. "The true cost is likely higher — meaningfully higher."

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https://www.cbsnews.com/news/iran-war-cost-american-households/