Economist Warns Trump’s Iran War Could Trigger 1970s-Style Inflation: Where Oil Price Hikes Hit Food Costs and Education Too

*For those of us who were around in the 1970s we know that oil price increases travel quickly through food costs education costs' said economist Mary Lovely of the Peterson Institute. 'My little frame shop around the corner told me we won't be able to get these goods anymore because our supplier has a 40000 dollar bill sitting at Customs he isn't able to pay. That overall just has a chilling effect on economic activity.* [*https://nationtimes.co.uk/2026/03/02/economist-warns-trumps-iran-war-could-trigger-1970s-style-inflation-where-oil-price-hikes-hit-food-costs-and-education-too/*](https://nationtimes.co.uk/2026/03/02/economist-warns-trumps-iran-war-could-trigger-1970s-style-inflation-where-oil-price-hikes-hit-food-costs-and-education-too/)