Sana'a: Energy prices in the United States jumped by 14.7 percent on an annual basis during July, attributed to the American-Zionist aggression on Iran which resulted in disruptions of supply routes through the Strait of Hormuz.
According to Yemen News Agency, the U.S. Bureau of Labor Statistics released data indicating that gasoline prices soared by 24.6 percent annually, significantly contributing to the increase in the energy price index. Additionally, electricity prices saw a rise of 4.2 percent, and natural gas prices increased by 4.3 percent over the twelve months leading up to July.
Despite the annual surge, the energy price index experienced a decline of 1.5 percent on a monthly basis during July. The sharp increase in energy prices is unfolding amidst market volatility and escalating threats to navigation in the Strait of Hormuz, a crucial maritime passage, due to the ongoing conflict involving the United States and Zionist forces against Iran.
In related economic indicators, the data revealed that the annual inflation rate in the United States decelerated slightly to 3.4 percent in July from 3.5 percent in June. The Consumer Price Index (CPI) recorded a modest rise of 0.1 percent on a monthly basis in July, while the food price index showed an annual increase of 3 percent.
The backdrop of these economic shifts includes a significant military conflict that began on February 28 of the previous year, when the United States and the Zionist entity initiated aggression against Iran. This 40-day conflict resulted in substantial civilian casualties and targeted critical infrastructure such as schools, hospitals, and mosques in Iran.
In retaliation, Iran launched Operation "True Promise 4" against Zionist and U.S. bases in the region, and closed the strategic Strait of Hormuz to ships from the aggressor states and their allies, further exacerbating the situation in global energy markets.