US inflation rises after Iran conflict blocks Strait of Hormuz
Business
Inflation in the US has picked up, mostly because energy prices are rising after the Iran conflict blocked a key oil route, the Strait of Hormuz.
According to the Federal Reserve's latest report, these higher costs are making everyday things like groceries, shipping, and even fertilizer more expensive for some consumers and businesses.
Lower and middle incomes feel pinch
Lower- and middle-income households are feeling the pinch as prices go up, while wealthier folks aren't changing their spending much.
Businesses are stuck with higher costs but can't really raise their own prices, so profits are getting squeezed.
On the flip side, manufacturing jobs have grown a bit, mostly thanks to defense and tech demand, and people are relying more on credit cards to cover essentials.