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# Before Iran, U.S. Price Pressures Were OK. Now, Energy Prices Warn of 3% Inflation Again
- URL: https://bevnews.net/before-iran-u-s-price-pressures-were-ok-now-energy-prices-warn-of-3-inflation-again/
- Published: 2026-03-12T04:20:39.000Z
- Updated: 2026-03-12T04:20:39.000Z
- Author: Joel Whitaker
- Tags: Economy

February inflation data suggests that price pressures were in an OK place ahead of the military action in Iran, **James Knightley**, chief international economist, U.S., **ING** said in a note to clients. But with energy costs on the rise and concerns about supply bottlenecks in the region, we are likely to see a return of 3%+ headline inflation in coming months.

Import prices are continuing to rise and consumers prices look benign, which means, Knightly says, the extra $25-$30 billion of tariff costs per month are being borne by Corporate America. 

"Productivity gains are often cited as a factor limiting the inflation effect, but we note that imports are rising quickly again now that all the pre-tariff inventory build from late 2024/early 2025 has been exhausted. That suggests more tariff costs to come. As such, we can’t exclude the possibility that tariffs will eventually have a more noticeable impact on prices, he said."