'Higher Gas Prices Caused Inflation To Triple Last Month' [View all]

"Some level of inflation is inevitable in any modern economy, but that doesn't mean it doesn't suck to watch everything you buy get more and more expensive. Especially now that it's so rare to get a real raise or an actual promotion at work. With gas prices way higher than they were before Trump started this senseless war with Iran and groceries so expensive, it certainly feels like things have gotten worse since the end of February, but is that actually born out in the data? CNN reports that according to the latest Consumer Price Index report, inflation tripled last month. Yikes."

"Of course, we already knew Americans were paying more at the pump. As of 10 days ago, the war that 80% of Republican voters in '24 supported had already cost U.S. drivers an extra $10 billion at the pump, and as of April 10, it had already surpassed $17 billion, so at this point, we're probably looking at a cool $20 billion or so wasted paying higher gas prices. You aren't paying those higher prices if you drive an EV, but as the CPI report shows, higher transportation costs are driving up prices on other goods and services, too."

"Per the CPI report, inflation hit 3.3% in March, and on a monthly basis, consumer prices rose 0.9%. As far as raw numbers go, those aren't necessarily the scariest ones a CPI report has ever contained, but what's especially concerning is how those numbers have changed compared to February. That month, inflation was sitting at 2.4% and only rose 0.3% in that time. So, while a 0.9% jump in inflation might look pretty small at first glance, the inflation rate we saw in March was triple what we saw in February. Even worse, growing inflation nearly eliminated any wage gains seen during the same period."

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https://www.jalopnik.com/2147696/higher-gas-prices-triple-inflation/