a peace deal likely won’t boost americans’ economic views
The University of Michigan’s consumer sentiment reading dropped to a record low in May as Americans expressed pessimism over rising costs. At the time, survey director Joanne Hsu said peace talks in the Middle East are unlikely to boost sentiment until oil supply disruptions were fully resolved and energy prices fell. In the survey, Americans’ views of their current financial situation fell to their lowest level since 2009.
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surprising fact
The price of a basic grocery basket featuring 11 common items, including eggs, milk and ground beef, increased by more than 55% between June 2020 and April 2026, when inflation rose following the start of the Iran war, according to Forbes’ estimates. Several items reached record-high prices, including coffee, beef and orange juice, which rose 115%, 45% and 107% over that period, respectively.
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key background
Trump has dismissed Americans’ economic concerns, saying on Wednesday that affordability is a “fake word,” even as inflation reached a three-year high in May. His comments followed another statement last week in which Trump said he “loves the inflation” caused by the Iran war, after Bureau of Labor Statistics data showed consumer prices rose 4.2% annually in May, the steepest rate since April 2023. Surging costs accounted for more than 60% of the monthly increase, federal data showed. Trump’s statement contrasted with an earlier comment from Vice President JD Vance, who on Tuesday called the affordability problem “very real.”
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further reading
ForbesWhat We Know About Potential $300 Billion For Iran In Peace DealBy Antonio Pequeño IVForbesIran War’s Inflation Impact: Energy Prices Surged In Largest Gain Since 2005By Ty RoushForbesHere’s How A Typical Bag Of Groceries In 2020 Costs Over 50% More TodayBy Ty Roush