Scott Galloway

But it isn't just oil.

oil prices that are causing the harm here.

I mean, there are some downstream effects, and it's kind of this awful combination of the tariffs combined with the war blocking the Strait of Hormuz.

So you've got non-alcoholic beverage prices up almost 6%, fruit and vegetable prices up more than 6%, and meat prices up 7.5%.

So what we have here are exploding grocery prices,

which as you say, is really a tax on lower and middle income households in America.

Generally speaking, the richest households aren't all that worried about the price of groceries going up, but it really eats at your purchasing power if you are in the lower quintile of earners.

So that is a real problem.

I think the question, I mean,

You say inflation could get to 8% or 9%.

Like, I agree, but I think anything can happen in general.

I think what we want to be doing and thinking about is what is the most likely scenario.

I think that a lot of people believe or the sort of the consensus is that this is

temporary and it's going to come down.

And the reason for that belief is that they believe that Trump is going to resolve the issues in Iran, and that we're going to come to some semblance of a deal with Iran, and all of the oil that's being blocked up in the Strait of Hormuz is going to flow again, and then prices are going to come back down.

That is generally the consensus when you look at prices, and also when I speak with people on Wall Street, when I speak with Wall Street analysts, when I speak with economists, like, that is the general belief.

Um, I'd be curious to get your views.

I know you have some updated views on Iran, which I, I find interesting.

I'd want to hear from you, uh, your thoughts on that.

My view is we're nowhere close to being done here.