NEW: Treasury Sec. Scott Bessent attributes rising energy costs to conflicts in Ukraine and Iran, saying real wage growth is outpacing inflation. "We are going through an energy shock right now due to both the war in Ukraine—because Ukraine has decided that they want to blow up Russian energy assets and refined products—so that is creating an upward price pressure on a global basis." "The conflict in Iran will end, and prices will come down. Overall, prices are coming down; core inflation is very under control." "Now, under President Trump, we are seeing real wage increases. So, the bottom 25% of wage earners' wages went up 4.7%. Headline inflation was about 3.5%, so we are helping Americans slowly get back on their feet. The Iran conflict will end, but the wage gains will stay."
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