New report details how the conflict with Iran is increasing inflation

To stream WUSA9 on your phone, you need the WUSA9 app. Example video title will go here for this video WASHINGTON — A report released Tuesday by the Congressional Budget Office predicts inflation caused by the conflict with Iran will persist into 2027. The 19-page report largely blamed the uptick in inflation on gas prices as a result in a shipping slowdown through the Strait of Hormuz, along with disruption to shipping through the Red Sea. "The conflict has disrupted global refining activities and, consequently, increased the prices of refined petroleum products such as gasoline, diesel fuel, and jet fuel," CBO director Phillip Swagel wrote. "Because the price of almost every product reflects shipping costs, increases in petroleum prices—a significant input in transporting goods—indirectly affect the prices of most goods and services." The office concluded that the shipping reduction has increased energy prices around the globe. The report came at the request of Rep. Swagel said the U.S.

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