US-Iran tensions ease, oil price declines significantly alleviate US inflation pressure
- If the related conflict involving Iran comes to an end, the reopening of the Strait of Hormuz will become a core variable affecting the U.S. economy. Oil supply returning to normal will lower international oil prices and directly drive down overall U.S. inflation levels.
- After the release of the pertinent memorandum, New York crude spot prices promptly declined. The market estimates that the nationwide retail price of gasoline will drop another 5% during the remainder of this month, falling to $3.80 per gallon.
- The pullback in gasoline prices is expected to drag down the U.S. Consumer Price Index (CPI) for June. Bloomberg's preliminary calculations show that the overall U.S. CPI for June may decrease by 0.1% month-on-month, a marked improvement compared to the 0.5% month-on-month increase in May.
- In terms of year-on-year data, the annual increase in U.S. CPI for June may narrow to 3.7%, a significant reduction compared to the 4.2% year-on-year rise recorded in May.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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