WASHINGTON, March 9 (Reuters) – Democratic U.S. Senator Edward Markey on Monday asked the Bureau of Labor Statistics to produce and publish a comprehensive analysis of the likely impact on inflation from the Middle East conflict, which has caused a surge in oil prices.
In a letter to the BLS acting Commissioner William Wiatrowski, Markey requested that the analysis cover the next six months to twelve months, arguing households had seen a rise in gasoline prices as well as higher prices at the supermarket and utility bills since the U.S. and Israel launched strikes on Iran at the end of February and retaliation by Tehran.
Oil prices soared past $100 per barrel, before paring some gains on Monday. Retail gasoline prices have jumped nearly 17% to $3.48 per gallon, data from motorist advocacy group AAA showed.
* “Energy costs impact virtually every economic sector,and as the disruption to global energy markets accelerates, theAmerican people deserve rigorous, accountable projections tounderstand what lies ahead,” Markey said in the letter. * Markey requested a response from the BLS by March 24. * There was no immediate comment from the BLS. * Rising oil and gasoline prices have stoked fears of loweconomic growth and high inflation, which could put the FederalReserve in a difficult position.
(Reporting by Lucia Mutikani; editing by Edward Tobin)
