US gas prices are surging to their highest level since October 2022 – and economists are warning of an inflation 'smile'
US gas prices are on the rise again, threatening to worsen an inflation problem the Federal Reserve has worked hard to fight over the past year. The surge in gas prices comes amid rising oil prices, largely spurred by supply cuts by key producers including
and Russia. Both benchmark Brent crude and West Texas Intermediate are currently trading upwards of $80 a barrel.that people were worrying about an inflation"smile" in the US,"that is, the current fall in headline inflation giving way to a stabilization and then a move back up in the fourth quarter of the year."
"Other factors fueling this worry include the still-high core inflation rate and, related to that, the possibility that the process of goods dis-inflation may end before service sector inflation is well under control," he added.threat to his optimismInflation has fallen from the 40-year highs it hit in mid-2022, rising at 3% through June. That followed the Fed's aggressive interest-rate hikes since early last year.
The US central bank has raised benchmark borrowing costs by 500 basis points in its fastest rate-hiking cycle in history, with traders expecting more rises this year as it seeks to cool consumer price pressures to its 2% target.
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