Inflation hit a new, four-decade high of 9.1% last month, fueled in part by record high gasoline prices. Gas prices have since fallen, but overall inflation is still elevated.
Gas prices are displayed on a sign at a gas station in Williams, Ariz., on Wednesday, July 6, 2022.Record gasoline prices pushed inflation to a new, 40-year high last month. The Labor Department reported Wednesday that. Prices rose 1.3% between May and June, with energy costs accounting for nearly half the monthly increase.
The high price of gasoline and other goods is interrupting the dreams of a lot of Americans this summer. "At $3.50 a gallon, I can handle it," Chambliss says."But when it shot up to almost $5 a gallon, that raise that I received was completely wiped out." Gasoline prices have dropped sharply since hitting a record high last month. AAA says the average price for regular gasoline on Wednesday was $4.63 a gallon, down about 38 cents from the peak price in June.
While prices continue to climb at a rapid rate, many people have managed to stay afloat with the help of additional savings that they socked away during the first two years of the pandemic. Bank balances ballooned when many people were unable to spend money on travel or live entertainment. Those savings were supplemented by government relief payments, tax credits, and additional aid.
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