Inflation continues to rise—and gas prices are up nearly 50% since last year (via CNBCMakeIt)
Gas prices in particular are becoming even more unaffordable, up a whopping 48.7% since last year and 4.1% just in the last month.
To put those numbers into context, a gallon of gas currently costs $4.99 on average in the U.S. overall,Residents of some states are feeling the burn even more: In Illinois, the average price of a gallon of gas is $5.56, according to AAA. In Nevada, it's $5.62. In California, the average price of gas is $6.42 per gallon — but in Mendocino, at least one gas station isGas prices remain a major issue for Americans, many of whom rely on their cars to get to work.
Rising inflation may also stoke fears that a recession is on the way. It's likely: All of the chief financial officers whoduring the second quarter of this year said that a recession is unavoidable. However, it probably won't happen until next year. Of the CFOs who participated in CNBC's survey, 68% said that a recession will occur in the first half of 2023.
"The likelihood of recession this year is pretty low," Gus Faucher, a chief economist at financial services company PNC Financial Services Group,
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