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“The University of Michigan’s Surveys of Consumers said its Consumer Sentiment Index dropped on Friday as continuing tensions between the US and Iran drove up prices at the grocery store and the petrol pump.”

“Average hourly wages rose 3 percent over the past year, while consumer prices increased 3.7 percent, according to the latest Consumer Price Index (CPI) report released by the US Labor Department.”

“United States consumer prices jumped in September in the final inflation report before the midterm elections, increasing chances of an interest rate hike later this month.”

“Iran’s economy has been crippled by decades of US and international sanctions, especially over its nuclear programme – the Iranian rial has crashed and inflation woes are piling up misery for people.”