The nonpartisan Congressional Budget Office (CBO) released a report on Tuesday, finding that the six-month war on Iran has cost $38 billion, with an expected increase of $3 billion per month. The conflict is projected to raise inflation by 0.5 percentage points in the first three months of 2027. The report also estimates that replenishing depleted US munitions stockpiles could take up to five years. The CBO's cost estimate aligns with Defense Secretary Pete Hegseth's July congressional testimony. The Trump administration, which launched the war with Israel in February, has denied reports of flagging munitions stockpiles, with Trump stating on Monday that oil prices would drop sharply once the conflict ends.