Get ready for grocery prices to get even more painful
Source: Business Insider ·
Attacks on tankers and oil infrastructure are causing diesel prices to soar, and that has a significant impact on the cost of transporting food.
From the source
Rising diesel prices are making it more expensive to produce and distribute groceries for US households.Michael M. Santiago/Getty ImagesAttacks on Middle East tankers and oil infrastructure are causing diesel prices to soar.Higher fuel prices have a significant impact on the cost of transporting food.Households got some relief from tariffs this year, but the Iran conflict is adding new price pressure.Grocery bills had begun to stabilize after a bruising stretch of inflation. Now, rising fuel and transportation costs threaten to make that relief short-lived.While food prices have managed to hold fairly steady this year, much of September's accelerating headline inflation number was driven by a 20.4% increase in energy prices — the largest hike since May, the US Bureau of Labor Statistics said Wednesday.Attacks on oil tankers and energy infrastructure in Iran, Saudi Arabia, and Russia have complicated the global supply of diesel, which is likely to raise transportation costs across the…