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Gas Prices Spur Pet-Food Switches as Card Spending Rises 5%

6/16/2026

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Summary

Story summary

CEO Brian Moynihan said consumers are switching pet-food brands as gasoline prices climb.
Card spending rose 5% in May, the strongest growth in years, while vacations and restaurants stayed popular.
CPI was 4.2% in May while gasoline averaged $4.31, about 40% higher than before the U.S.–Iran conflict.
Moynihan warned that if pessimistic sentiment cuts spending, it could become a real problem for the U.S. economy.

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Story summary

CEO Brian Moynihan said consumers are switching pet-food brands as gasoline prices climb.
Card spending rose 5% in May, the strongest growth in years, while vacations and restaurants stayed popular.
CPI was 4.2% in May while gasoline averaged $4.31, about 40% higher than before the U.S.–Iran conflict.
Moynihan warned that if pessimistic sentiment cuts spending, it could become a real problem for the U.S. economy.