New data released by the Bureau of Labor Statistics this morning shows underlying costs remain elevated near multi-year highs. And Donald Trump’s decision to drag the country back into war with Iran is already sending oil prices climbing and threatening to push costs even higher for American families and businesses.
Services prices, covering everything from loan costs to insurance to legal fees, picked up steam, with the broader measure of services pricing pressure hitting its fastest annual pace in more than three years.
Energy prices are about to become a much bigger problem for families and businesses across the nation. Trump is reigniting the war he started with Iran, ordering fresh U.S. airstrikes and reimposing a naval blockade in the Strait of Hormuz.
Crude prices have surged as a result, with international benchmarks climbing back to levels not seen since June, and analysts warn gasoline prices could soon approach $4 a gallon nationally.
“Trump and Republicans in Congress spent the last year promising Americans that inflation was beaten and that their agenda would lower costs, and now Trump’s own war of choice is set to make gas, groceries, and everyday goods more expensive all over again,” said American Bridge 21st Century spokesperson Brandon Weathersby. “Every American filling up their tank or paying their bills this summer can trace the cost straight back to Trump’s decisions and the MAGA Republicans who cheered him on.”
Published: Jul 15, 2026