FOR IMMEDIATE RELEASE
FRIDAY, OCTOBER 16, 2026
CONTACT: press@opportunitywisconsin.org
ICYMI: September Consumer Price Index Report Shows 3.7 Percent Inflation Increase Over Last Year
Report comes as high energy costs from the war in Iran are driving up prices in nearly all consumer categories for Wisconsinites
MADISON, Wis. — In case you missed it, soaring gas and diesel prices due to the Iran war are continuing to ripple through the economy, with the latest Consumer Price Index report showing a 3.7 percent inflation rate over last year. The high prices are taking their toll on Wisconsinites, with Moody’s Analytics estimating that the war has cost the average American household an extra $2,000. Representative Derrick Van Orden voted to continue the war six times. Read more below.
NBC News: Inflation jumps to 3.7% as gas and diesel prices squeeze consumers ahead of the midterms
The newest Consumer Price Index report shows that inflation rose 3.7 percent over the last year, with nearly every consumer category being impacted. People are paying more for housing costs, clothing, and food from restaurants. The main driver of the price increases is the Iran war, which is ratcheting up energy costs. In the first seven months of 2026, Wisconsin households spent $114 more on electricity than they did in the first seven months of 2024.
“‘The index for gasoline rose 9.1 percent in September, accounting for over half of the monthly all items increase,’ the BLS wrote in its report.”
“Since August, oil prices have risen to more than $106 per barrel from about $80. The price of unleaded gas, which most consumers use, has risen 45% since late February, when the United States and Israel launched the Iran war. The price of diesel, which powers businesses, farms, the shipping industry and other critical sectors, has soared 70% over the same period.”
“As early voting kicks off this week, the data also comes at a precarious moment for Republicans defending majorities in the House and the Senate. Polls consistently find that inflation and the high cost of living are top issues this year for voters in both parties.”
The Hill: Iran war costing US households average of $2K each: Moody’s
New estimates from Moody’s Analytics are putting an actual price tag on the impacts of the war in Iran: $2,000 extra for the average American household – so far. The estimates show that the most significant contributor to the extra cost is rising gas and diesel prices. People across Wisconsin have spent an additional $2 billion on gas since the beginning of the war, which translates to an additional $857 in gas costs for households.
“‘Consider that the war’s costs taken together have absorbed about half the average American household’s income gain over the past eight months,’ Zandi wrote on social platform X. ‘No wonder the war is so unpopular.’”
“Zandi wrote that energy prices are the most significant contributor to rising costs. A gallon of gasoline costs $4.34, up from $2.98 a gallon before the conflict started, CNN reported. The average cost of diesel is close to $5.8 per gallon, up from $3.1 a year ago, according to AAA.”
“‘Altogether, that comes to close to $1,100 per household, paid at the pump and in the higher cost of everything that moves by truck or plane,’ Zandi wrote.”
“Wisconsin families are being squeezed from all sides as inflation rates soar. The war in Iran is driving up energy prices and has cost households an extra $2,000,” said Opportunity Wisconsin Program Director Meghan Roh. “Rep. Van Orden voted to support the Iran war. We’re now seeing how disastrous the war’s impacts are for our communities. As prices continue to go up, Wisconsinites are paying the price.”
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