Here’s something no American wants to hear: Prices are surging again, and uncomfortably high inflation could be with us for quite some time. This oil price shock almost certainly will not translate into the 9.1% four-decade high inflation that the United States painfully endured in 2022. In February, Americans’ savings rate (savings as a percentage of after-tax income) was 4%, the latest Commerce Department data showed. In one fell swoop, years of progress on inflation was set back, and Americans’ pay gains were practically eaten away. Eventually, higher diesel prices will send food prices higher because shipping companies will charge supermarkets more to deliver groceries.

Source: CNN April 11, 2026 19:32 UTC