Consumers Are Paying Hand Over Fist for These 3 Common Goods and Services
The U.S. Bureau of Labor Statistics recently released June data for the Consumer Price Index (CPI), which tracks prices on a basket of consumer goods and services. Investors use the CPI as one way to measure inflation.
In June, the CPI increased 9.1% on a year-over-year basis, which is higher than what economists had been expecting and showed that inflation stayed hot in June. Here are three everyday goods and services that consumers have been paying hand over fist for during this high inflationary period.
No item drove the CPI higher in June than record gas prices. The cost of all types of gasoline rose 11.2% on a year-over-year basis after only rising 4.1% year over year in May. Gas prices have been stoked by high demand as the pandemic has eased and Russia's ongoing invasion of Ukraine, which has led to various bans and embargos on Russian oil by many European countries and the U.S. The average cost of a gallon of regular gas surpassed $5 a month ago.
Source Fool.com
