Iran war has cost average American household $1,000: Moody's economist

Citing an estimate by Moody's Analytics chief economist Mark Zandi, CBS reported that the biggest driver of the increase has been gasoline prices, which climbed to a peak of $4.56 a gallon in May before dropping below $4 earlier this month. 

Zandi estimates that Americans have spent about $300 more on regular gasoline since the US and Israel started the war on 28 February.

Higher diesel prices have also pushed up the cost of transporting goods from farms, factories and ports, feeding through to supermarket prices. 

Zandi estimates the average household has paid an additional $200 for groceries as a result. The analysis comes as US inflation reached its highest level in three years in May.