After swinging to levels not experienced by. US consumers in more than 40 years, inflation is beginning to moderate.
In December. consumer prices were 6.5 percent higher than a year earlier, down from a peak of 9 percent in June 2022 as gas prices fell.
Todaystrendnews is tracking inflation levels across a variety of consumer metrics. The chart below, which shows how each month’s prices compare to . The same period a year ago, will be updated every month
For much of 2021 and 2022, broad. Segments of the economy have dealt with supply chain disruptions that have. Affected the availability of wine and video game consoles to cars and eggs. For cars and consumer electronics, even if manufacturers want to make more items. they don’t have enough computer chips or raw materials to do so for more than a year.
Many industries, including oil refineries. car factories and airlines, cut staff and production in 2020 at the start of the Covid-19 pandemic. leaving them short-staffed when travel demand roars back.
Russia’s invasion of Ukraine and next U.S. and European Union oil embargoes. Have also further strained global energy supplies cutting off one of . The world’s biggest oil and gas producers and raising prices as countries . Scramble for replacements.
And rising natural gas prices have. Driven up electricity prices, driving up energy bills in some cities.
The federal government has stepped
in to combat rising prices. President Joe Biden has authorized several withdrawals from the Strategic . Petroleum Reserve, and more . Than 20 states, including New York, Connecticut and Georgia, have suspended. Their local gas taxes or introduced legislation to do so.
The Federal Reserve has raised . Interest rates several times in the past year to dampen demand by making. It more expensive for consumers and businesses to borrow money.
