Oil prices are creeping higher and raising concerns about the impact on inflation’s cooling trajectory, consumers’ wallets and the Federal Reserve’s interest rate policy. U.S. crude oil prices started creeping higher as summer kicked in after spending the first half to the year either slipping or holding relatively steady. West Texas Intermediate crude is up 15% for the year above $90 a barrel. Higher oil prices trickle down to everything from gasoline prices to transportation and production costs for consumer goods. The unwelcome pressure on inflation comes as prices have been generally cooling throughout 2023.
Oil tops $90 a barrel, raising inflation, rate concerns