The Bureau of Labor Statistics announced that the U.S. consumer price index (CPI) rose 9.1% year over year in June 2022. This is the highest level since December 1981, surpassing last month’s record 8.6% reading and even economists’ predictions of an 8.8% CPI increase in June. Americans paid sharply higher prices for various goods in June as inflation kept its hold on the economy.
The increases were felt across all categories but notably impacted gasoline, shelter and food. Gasoline prices were up nearly 60% over the year in June; the American Automobile Association reported the national average at the pump was $5.01 per gallon. In general, energy prices rose (by 41.6% year over year). Electricity prices rose 13.7%, and natural gas prices increased 38.4% year over year in June.
Prices for food at home increased 12.2% over the year, significantly driven by cereals, dairy and meats. Food away from home trailed slightly behind at 7.7% in June.