White House adviser says fuel and grocery prices remain high

National Economic Council Director Kevin Hassett said fuel prices remain higher than desired as the Iran war continues to affect energy costs. Brent crude futures were trading up 1.59% at $84.87 a barrel, while WTI futures were up 1.70% at $79.52.

Hassett also said grocery prices remain too high and cited wage growth that has not kept pace with inflation for some households. He pointed to avian flu’s effect on egg prices and said there could be good news on beef prices after the reopening of the border with Mexico.

Hassett argued the U.S. economy is entering a stronger phase, citing low job losses, capital investment and rising productivity. He said artificial intelligence could help lift annual productivity growth to about 2% to 2.5%.

Other officials and economists described a mixed economy for lower- and middle-income Americans, with Treasury Secretary Scott Bessent saying lower-income workers are beginning to recover and economist Robert Reich arguing financial pressure remains.

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