The relationship among oil prices, food costs, and consumer inflation (opens in new tab)

The U.S. military campaign against Iran and its spillover effects in the Middle East have pushed oil prices sharply higher, renewing interest in a longstanding question: What do movements in oil prices mean for the broader cost of living? Data in FRED offer a long historical perspective on how oil prices have co-moved with food prices and consumer inflation, which can help inform that question.