U.S. inflation surged to a new four-decade high in June because of rising prices for gas, food and rent, squeezing household budgets and pressuring the Federal Reserve to raise interest rates aggressively — trends that raise the risk of a recession.
The government’s consumer price index soared 9.1% over the past year, the biggest yearly increase since 1981, with nearly half of the increase due to higher energy costs. Lower-income and Black and Hispanic American have been hit especially hard, since a disproportionate share of their income goes toward essentials such as transportation, housing and food.
But with the cost of many goods and services rising faster than average incomes, a vast majority of Americans are feeling the pinch in their daily routines.
Here’s how much more you’re paying for things compared to this time a year ago, according to the U.S. Bureau of Labor Statistics.
- Regular unleaded gasoline: Up 61.1%
- Electricity: Up 13.7%
- Utility (piped) gas service: Up 38.4%
- Fuel oil: Up 26.1%
- Propane, kerosene and firewood: Up 60.2%
- Groceries (in general): Up 12.2%
- Eating out (in general): Up 7.7%
- Milk: Up 16.4%
- Eggs: Up 33.1%
- Chicken: Up 18.6%
- Ground beef: Up 9.7%
- Fish and seafood: Up 11.0%
- Breakfast cereal: Up 14.2%
- Rice: Up 11.9%
- Bread: Up 10.8%
- Fresh fruits: Up 7.3%
- Fresh vegetables: Up 6.5%
- Coffee: Up 15.8%
- Carbonated drinks: Up 11.0%
- Butter and margarine: Up 26.3%
- Peanut butter: Up 17.1%
- Baby food: Up 14.0%
- New vehicles: Up 11.4%
- Used cars and trucks: Up 7.1%
- Tires: Up 15.4%