ATLANTA — The ongoing conflict in the Middle East could soon affect family budgets, with higher prices expected on a wide range of everyday items.
Retail expert Phil Lempert says consumers may see costs rise beyond just gasoline, as oil prices influence the cost of many common products.
“Anything that’s made from plastic, because of the oil prices going up that means that plastic bags, anything that is petroleum based, that’s going to get expensive as well,” Lempert said.
He says a variety of items could become more expensive, from groceries to disposable razors and eyeglasses.
“We forget about all the things that are made from plastic; whether it’s disposable razors, or eye glasses, or any of those products,” Lempert said.
Lempert also says grocery prices could increase, noting several food products tied to imports from Iran.
“Yes we’re going to see increases. Keep in mind that the top foods from Iran are edible oils, pistachios, dates, saffron, different spices and herbs, tomato paste, and of course, caviar,” Lempert said.
On top of that, Lempert says tariffs could add further strain on consumer wallets.
He warns that shortages on grocery store shelves could also occur.
“My biggest fear is shortages, that’s what freaks out people. We saw that during the pandemic, when you go into a supermarket and you see empty shelves,” Lempert said.
Lempert says price increases could happen relatively quickly.
“Typically it’s going to take 2 to 4 weeks for prices to move upwards. However, those supermarkets that have the electronic shelf labels, they can change prices instantly,” Lempert said.
He adds it remains unclear how long any higher prices could last.
WSB Radio’s Sabrina Cupit contributed to this story.
