How war with Iran is affecting your wallet

CBS News Senior Business and Tech Correspondent Jo Ling Kent joins us now. So how is the average US consumer being impacted by the war when it comes to the cost of everyday goods? Lindsey, you heard those folks there explaining how their individual lives have been impacted. And, really, it's two things. It's inflation, which is up 3.3%. That's the first report we got, a look at how the Iran war is impacting, overall, that headline inflation number, the price that you're paying and how fast it's going up. The other thing to look at, of course, gas prices. I don't know how many times we've talked about this, but according to the latest CPI data, it's up more than 20% month to month. That's the fastest rise since 1967. And in terms of everyday items of how much more you might be paying, we actually don't see a major increase just yet, but we do anticipate, according to economic analysis, that we could see that gas price trickle down when it comes to transporting of your goods, and that could eventually hit grocery prices in the next inflation report. So let's talk travel transportation. We heard about that guy in the airport saying it was usually a $500 ticket. Now it's $1,000. How are people reacting to increased fuel costs and these added surcharges? Well, I just know anecdotally, so many people are telling us, both as we're interviewing folks for CBS News as well as in our friend groups, that people are delaying or cancelling trips due to the cost of airfare. And part of the reason is they're starting to see not just the overall prices rise but baggage fees are being jacked up by at least four airlines. JetBlue, Southwest, Delta, United all raising their bag fees. Spirit Airlines may have to be forced to go into liquidation, due in part to rising gas prices. We also saw flight fares overall jump 3.4%. And so that's not super significant yet when it comes to the inflation on that price overall, but what we're going to be focused on is what happens to people's psychology, that inflationary psychology as they head into the summer when it's high driving season. Ideally, you want to get on a plane and go somewhere, perhaps, for a family vacation. And that is really going to show us how it impacts consumers. But you already feel that sort of crunch for people's budgets month to month, and now we're going to be seeing that when it comes to that discretionary spending. Have to be quick with you, but diesel affects pretty much everything, right? Can you explain how interconnected everything is? Yeah, basically, diesel helps transport all the goods that you and I need at the grocery store and beyond. And so when that price spikes, as it has, it is likely to impact prices. We also can't forget the cost of fertilizer also going up. Those inputs are really important for our farmers. You heard that farmer earlier talk about how that is driving up the cost of being able to grow and harvest items. So across the board, we expect to see, in the coming month, that data reflect the reality that so many of us are already feeling, whether it's at the checkout, especially at the gas pump, of course, Lindsey.

OK, Jo Ling Kent, thank you so much. Thanks.