In April 2023, wholesale prices in the United States surged by 6.0% year-on-year, the highest increase since December 2022, as reported by the Bureau of Labor Statistics (BLS). Month-on-month, prices rose by 1.4%, significantly exceeding market expectations. This increase is largely driven by a 15.6% jump in gasoline prices, which accounted for over 40% of the overall rise in final demand goods. The ongoing conflict in Iran has exacerbated energy costs, contributing to persistent inflationary pressures in the world's largest economy. This inflation trend is compounded by the impact of tariffs imposed during former President Donald Trump's administration and geopolitical tensions in the Middle East, particularly regarding the Strait of Hormuz, a critical passage for global energy supplies. As inflation remains a pressing issue, it is anticipated to play a significant role in the upcoming midterm elections in November, where control of Congress is at stake.