finance
Strait of Hormuz Closure Increases Fuel and Food Prices in Parts of Middle East
The closure has increased prices for fuel, food, fertilizer and other essentials. International Committee of the Red Cross President Mirjana Spoljaric said inflation is the impact people report most.
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The Strait of Hormuz is closed. The closure has increased fuel prices and driven up the cost of food, fertilizer and other essentials across parts of the Middle East. International Committee of the Red Cross President Mirjana Spoljaric said people in affected areas report inflation as the impact that affects them the most.
"When I ask people what impacts you the most, they always say inflation," she told CBS News' @nancycordes. Spoljaric said she is "very hopeful" that hostilities are nearing an end. " Further destabilization in the region could force more people into poverty, she warned.
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