Here’s where prices rose and fell the most over last year

Inflation is continuing its steady rise in the U.S., creating political problems for President Biden and frustrations for families at the cash register.

Consumer prices increased by 7.5 percent annually in the year ending last month, marking the fastest rate since February 1982.

The U.S. has observed elevated levels of inflation since the middle of last year as the country recovers from the COVID-19 pandemic — a steep increase in demand coinciding with low supply, labor shortages, shipping bottlenecks and other pandemic-related complications.

Here’s a look at where prices have gone up or down over the last year, according to the Labor Department’s latest report.

Gas

Gasoline prices rose 40 percent between January 2021 and January 2022, making matters difficult for Americans at the gas pump.

An increase in the price of crude oil and heightened demand for gasoline as the economy reopened spurred the increase, with the average price of gas per gallon first exceeding $3 a gallon in May after the Colonial Pipeline cyberattack. 

As gas prices continued to rise, the Biden administration in August asked OPEC and its allies to increase its oil output, which they agreed to do last month.

Vehicles

Prices across the automobile industry skyrocketed over the past year. The price of used cars and trucks increased 40.5 percent in the year ending in January, while the cost of new vehicles rose by 12.2 percent.

The price tag on car and truck rentals also grew by a whopping 29.3 percent. The increase in rental car and truck rates may be a result of a rental car shortage that hit the country last year after a number of companies sold some of their vehicles amid the pandemic — making it difficult for firms to keep up with demand when it recovered.

Some reports dubbed the situation the “car rental apocalypse.”

 

Food and drink

The price of food overall rose by 7 percent in the past year, with uncooked beef roasts tracking the largest increase, at 19.2 percent. The price of eggs increased by 13.1 percent and bread by 5.9 percent.

Meat prices rose 13.6 percent, beef and veal saw costs increase by 16 percent and pork prices grew by 14.1 percent. The price of chicken swelled 10.3 percent.

Prices in the beverage section also rose over the past year. The cost of coffee increased by 8.6 percent, the price of milk rose by 6.8 percent and the cost of juices and nonalcoholic drinks went up by 4.6 percent.

Individuals over the age of 21 had to shell out more money for alcoholic beverages as well: prices rose by 2.7 percent overall.

Apparel

The price of apparel rose by 5.3 percent over the past year, with the largest increases among men’s suits, sport coats and outerwear (13.6 percent), women’s dresses (11.1 percent), women’s outerwear (11.1 percent) and footwear (6.1 percent).

The cost of girls’ apparel, however, decreased slightly over the past year, falling by 4.3 percent.

The price of jewelry and watches grew 6.2 percent over the year ending last month.

Travel

Americans traveling in 2021 found their wallets even lighter than usual. The price of lodging away from home increased 20.5 percent over the last year, and airline fares rose by 4.9 percent.

The price of public transportation also increased by 4 percent in the year ending last month.

In the home

The prices of a handful of home products followed an upward trajectory over the past year as well.

The cost of furniture and bedding increased by 17 percent, the price of window coverings rose by 16.2 percent and the cost of major appliances grew by 9.9 percent.

The price of pets and pet products also saw a 3.7 percent increase over the past year. 

 

Electronics

Price changes over the past year varied for electronics. The price of televisions increased by 2.4 percent, but the cost of cable and satellite services for those TVs swelled by 4.3 percent.

For smartphones, however, costs decreased by 13.3 percent. Audio equipment also saw a 1.2 percent decrease in price, and costs associated with video discs and other media dropped by 3.5 percent.

Miscellaneous products

Other miscellaneous products saw large price increases over the past year. The cost of tobacco and smoking products rose by 7 percent.

Costs associated with the admission to sporting events increased by 23.5 percent in the year ending last month, while the price of admission to movies, theaters and concerts grew by 5.5 percent.

The price of sporting goods rose by 8.2 percent.