Gasoline Prices hit $4 in the US.

Prices at the pump have jumped to an average of $4 per gallon. That’s expected to hit consumer spending and could weigh on U.S. economic growth if prices remain high.

Economists expect the severe price jumps to bleed into Americans' purchasing power and could slow aggregate consumer spending.

Already, consumer sentiment slid to a 3-month low in March as the impacts of the ongoing war brings fear of higher inflation in the short term.

Bank of America is reporting that spending volume on credit and debit cards (excluding gas) has slowed in the wake of the Iranian war.

Spending dropped in most categories, but there was a sharp dip in purchasing momentum for things like hotel stays, entertainment, and dining out. Overall, total card spending per household excluding gas was up 3.6% for the week of March 21, compared to 4.3% gain for the week of March 14.