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Prices surged 9.1% in June, the hottest inflation rate since 1981

by Jul 13, 2022Local Economy

Inflation hit a new peak in June.

U.S. consumer prices soared 9.1% in a year, the U.S. Bureau of Labor Statistics reported Wednesday, the fastest pace since 1981.

Price spikes for gasoline, housing and food drove last month’s hot inflation.

Food costs increased 10.4% in a year with the food at home index, which measures grocery store food prices, hitting 12.2%, the highest point in 43 years. Butter jumped 26%, fruits and vegetables climbed 8.1% and cereals are up 13.8% from June to June.

From May to June, however, the cost of meat, poultry fish and eggs started to fall by 0.4%.

Although Americans are starting to see some relief at the gas pump, with the national average 32 cents lower than it was a month ago, prices remained high throughout June.

Gasoline costs went up a sharp 59.9% in a year, the consumer price index shows. In June, gas prices went up 11.2% after increasing 4.1% in May.

Despite high demand during the July 4 holiday, gas prices have fallen in recent weeks to an average of $4.67 a gallon, according to AAA.

“Usually, more people buying gas would lead to higher pump prices,” said AAA spokesperson Andrew Gross in a statement. “But the price for oil, the main ingredient in gasoline, has fallen and is hovering around $100 a barrel. Less expensive oil usually means less expensive gas.”

High price increases were also reported for household furniture, new and used vehicles and airline tickets.

Surging costs continue to eat away at wage increases which have dropped 3.6% in a year.

Gasoline (all types)
59.9%
Natural gas (piped)
38.4%
Airline fares
34.1%
Cereals and bakery products
13.8%
Electricity
13.7%
Dairy and related products
13.5%
Nonalcoholic beverages and beverage materials
11.9%
Meats, poultry, fish, and eggs
11.7%
New vehicles
11.4%
Fruits and vegetables
8.1%
Tobacco and smoking products (1)
7.9%
Motor vehicle maintenance and repair (1)
7.9%
Food away from home (1)
7.7%
Used cars and trucks
7.1%
Motor vehicle insurance
6.0%
Rent of primary residence
5.8%
Owners’ equivalent rent of residences
5.5%
Apparel
5.2%
Alcoholic beverages
4.0%
Hospital services
3.9%
Medical care commodities (1)
3.2%
Physicians’ services (1)
1.0%

Gas pump

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