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In June 2021, the national average price for a gallon of gas was $3.09, according to data from AAA, but as of June 2022, it had topped $5. That marks a gain of over 60% in a single year.
On an annualized basis, gas prices fell 10.3% while the energy index dropped 4%. The Consumer Price Index (CPI) rose 2.5% over the prior year last month, decelerating from July's 2.9% annual gain.
Excluding gas and food prices, categories that tend to be more volatile, “core” inflation rose 0.4% from the month before, bringing its annual rate to 3.8%, a slowdown from 3.9% in January.
In Europe, gas prices increased by more than 450%, and electricity by 230% in less than a year. [108] On February 22, 2022, before the Russian invasion, the German Government froze the Nord Stream 2 pipeline between Russia and Germany, [109] causing natural gas prices to rise significantly. [110]
In 2021-22, gasoline and diesel prices surged in the United States, reaching record highs, as part of a larger trend of inflation. [36] The average price of regular gasoline rose from $1.773 during the week of April 27, 2020, to $5 as of June 11, 2022, an all-time high. [37] California led the nation in gas prices with an average gallon of ...
The first reading of 2023 showed stubborn inflation, as the Consumer Price Index (CPI) decreased just 0.1% to 6.4% on an annual basis. However, it was higher than anticipated. This is the seventh...
Gas prices at the pump continue to climb as we enter the dog days of summer. Today's national average for regular unleaded gas sits at $3.82, according to AAA.com, a two-cent increase from ...
The core Personal Consumption Expenditures index, a closely watched inflation measure that excludes gas and food prices, rose 3.9% for the 12 months ended in August.