The war in Iran will lead to a surge in inflation this year, as the closure of the Strait of Hormuz pushes up prices for oil, gas and other commodities, the Organization for Economic Cooperation and Development said on Thursday.
The inflation rate in the United States will average 4.2 percent this year, more than 1 percentage point higher than the group's previous forecast, made late last year, the Paris-based organization said. Across the Group of 20 nations, inflation is forecast to average 4 percent this year, 1.2 percentage points higher than previously expected.
The 4.2% protection is
a sharp step up from the prior projection of 2.8%. Moreover, it is much higher than the 2.7% Fed officials estimated when they updated their own forecasts last week.
The revision is due to two primary factors: the war in the Middle East, and the ongoing impact from U.S. tariffs that, while lower than prior levels, continue to boost prices around the world.
("Global forecasting group sees U.S. inflation at 4.2% this year, much higher than Fed estimate," www.cnbc.com
American retirees will feel this Dummkopf Trumpf/Bibi Netanyahu-created inflation harder.
"Inflation ticked up in recent months, resulting in a 2.8% COLA for 2026 for people receiving Social Security and SSI payments. SSA estimated that the average retirement benefit would rise by about $56 a month, from $2,015 to $2,071, starting with payments that began going out in January 2026. That sounds like a meaningful boost - until you look at what Medicare is taking back simultaneously.
The Centers for Medicare and Medicaid Services announced that the standard monthly premium for Medicare Part B, which covers doctor visits and other outpatient care, climbed in January from $185 to $202.90, a 9.7% increase. That effectively reduced the increase to the average Social Security check in 2026 from $56 to $38.10, after subtracting the Part B increase of $17.90 from the 2026 COLA raise. In that scenario, the Part B increase consumed almost 32% of the monthly increase. For retirees on fixed incomes, a real-dollar gain that shrinks by nearly a third before it even hits a bank account is far from the relief the headline number implies."
These are financial problems that US and Israeli mega-oligarchs, as well as the good-for-nothing members of the Trumpf Crime Family (TCF), will never have to deal with.
Source: www.msn.com
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