Kevin Hassett, director of the National Economic Council, expressed his concern about the ongoing high fuel prices and inflation, against the backdrop of the continuing Iran war, which has been a significant contributor to the current economic scenario.
During his conversation with CNN on the "State of the Union," aired Sunday, Hassett acknowledged that fuel prices are "higher than we would like" due to the Iran situation.
However, he assured that steps have been taken to bring about a significant price drop once the Gulf issue is resolved.
At the time of writing, Brent crude oil futures were trading 1.59% higher at $84.87 per barrel, while WTI crude futures were trading 1.70% higher at $79.52 per barrel Hassett also addressed the issue of wage growth not keeping pace with inflation, particularly the high grocery prices.
He attributed this to past inflation caused by monetary policies.
