July 2022’s CPI print brought some relief, showing a 0% increase since June. A big reason of that change was the decline in gas prices month over month.
The data published on August 11th, 2022 by AAA helped to reiterate this development. As shown in the graphic below, the national average per gallon of regular unleaded is now $3.99 (below $4!) for the first time since early March 2022.
There is an old adage related to inflation that says the cure for high prices is high prices. Of course, this particular situation is far more complicated – given impacts from COVID and the Ukraine/Russia conflict. However, a survey from AAA (of ~1,000 adults) did reveal that there have been some changes in behavior in response to the rising prices.
The resulting data showed that almost two-thirds (64%) of U.S. adults have changed their driving habits or lifestyle since March, with 23% making “major changes.” Here is a summary of those changes (you can read the full article from AAA here)
No matter what combination of factors is responsible for the decline, everyone’s next trip to the pump may be a little less painful!
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