Inflation continues to rise steadily in the United States, creating political problems for President BidenJoe BidenBillie Eilish meets Biden at the White House Marjorie Taylor Greene roasted for ‘gazpacho police’ remark Biden talks energy and security with Saudi King Salman MORE and frustrations for families at the cash register.
Consumer prices rose 7.5% a year in the year ending last month, marking the fastest rate since February 1982.
The United States has seen high levels of inflation since the middle of last year as the country recovered from the COVID-19 pandemic – a surge in demand coinciding with low supply, labor shortages labor, shipping bottlenecks, and other pandemic-related complications.
Here’s a look at prices that have gone up or down over the past year, according to the Labor Department last report.
Gasoline prices rose 40% between January 2021 and January 2022, making it tough for Americans at the gas pump.
A rise in the price of crude oil and increased demand for gasoline as the economy reopened spurred the increase, with tThe average gas price per gallon first topped $3 a gallon in May after the Colonial Pipeline cyberattack.
As gas prices continued to rise, the Biden administration in August called on OPEC and its allies to increase oil production, which they agreed to do last month.
Prices in the automotive industry have skyrocketed over the past year. The price of used cars and trucks rose 40.5% in the year ending January, while the cost of new vehicles rose 12.2%.
The price of car and truck rentals also increased by 29.3%. Rising car and truck rental rates may be the result of a rental car shortage that hit the country last year after a number of companies sold some of their vehicles amid of the pandemic – which made it difficult for businesses to meet demand when it recovered.
Some reports describe the situation as “car rental apocalypse.”
Food and drink
Overall, food prices have risen 7% over the past year, with uncooked roast beef seeing the largest increase at 19.2%. The price of eggs increased by 13.1% and that of bread by 5.9%.
Meat prices increased by 13.6%, beef and veal saw their costs increase by 16% and pork prices increased by 14.1%. The price of chicken inflated by 10.3%.
Prices in the beverage section have also increased over the past year. The cost of coffee increased by 8.6%, the price of milk by 6.8% and the cost of juices and soft drinks by 4.6%.
People over 21 also had to shell out more money for alcoholic beverages: prices rose 2.7% overall.
The price of clothing has risen 5.3% over the past year, with the largest increases recorded for men’s suits, sports coats and outerwear (13.6%), dresses women’s (11.1%), women’s outerwear (11.1%) and footwear (6.1%).
The cost of girls’ clothing, however, has fallen slightly over the past year, dropping 4.3%.
The price of jewelry and watches rose 6.2% in the year ending last month.
Americans traveling in 2021 found their wallets even lighter than usual. The price of out-of-home accommodation has increased by 20.5% over the last year and air fares have increased by 4.9%.
The price of public transport also rose by 4% in the year ending last month.
Prices for a handful of home products have also been on an upward trajectory over the past year.
The cost of furniture and bedding increased 17%, the price of window coverings increased 16.2%, and the cost of major appliances increased 9.9%.
The price of pets and pet products has also increased by 3.7% over the past year.
Price changes over the past year have varied for electronics. The price of televisions increased by 2.4%, but the cost of cable and satellite services for these televisions increased by 4.3%.
For smartphones, however, costs fell by 13.3%. Audio equipment also saw a price drop of 1.2% and costs associated with video discs and other media fell 3.5%.
Other miscellaneous products have seen significant price increases over the past year. The cost of tobacco and smoking products increased by 7%.
Costs associated with admission to sporting events rose 23.5% in the year ending last month, while admission to movies, theaters and concerts rose 5.5%.
The price of sporting goods increased by 8.2%.