US Treasury Secretary Scott Bessent has said prices are expected to come down once the conflict involving Iran ends, attributing the recent rise in costs to what he described as an “energy shock.”
Bessent made the remarks during an interview with NBC News’ Meet the Press host, Kristen Welker, as the administration faced questions over rising living costs and inflation in the United States.
“We will get to the other side of the Iran conflict, and those prices will come down,” Bessent said, expressing confidence that energy markets would eventually improve.
Bessent links rising prices to energy costs
During the interview, Bessent argued that the increase in prices was largely driven by energy market pressures connected to the Iran conflict.
He said underlying inflation had been relatively stable before the latest increase, while pointing to food prices, rents and prescription drug costs as areas where he said price pressures had eased.
However, Welker challenged the administration’s explanation, noting that US consumer inflation had risen to 3.7 per cent in September, compared with 3 per cent when President Donald Trump took office.
She also raised concerns about the increase in petrol prices and asked when Americans struggling with the cost of living could expect relief.
No firm timeline for lower prices
Asked whether petrol prices would fall by the beginning of 2027, Bessent said the outcome would depend on developments in the Iran conflict.
His comments offered no firm timetable for when households could begin to see lower prices at fuel stations or across the wider economy.
The remarks come as higher energy costs continue to put pressure on American households and businesses, with fuel prices also affecting transportation and the cost of moving goods.
Bessent defends administration’s economic record
Bessent also defended the Trump administration’s economic performance, citing private-sector job creation and household wealth.
He said the administration would take responsibility for the economy, while maintaining that the current price pressures were linked to the energy shock.
The extent to which prices will decline after the conflict ends remains uncertain and will depend on energy market conditions and other economic factors.
Source: NBC News, Meet the Press.