Gas Prices Hit Record Highs, Rising Inflation A Concern

The Consumer Price Index increased 0.3 percent in April on a seasonally adjusted basis after rising 1.2 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.3 percent. The energy index rose 30.3 percent over the last year, and the food index increased 9.4 percent, the largest 12-month increase since the period ending April 1981.

Regular gasoline hit a record $4.40 a gallon Wednesday according to AAA’s survey. Gas prices were already expected to breach the $4 a gallon mark for the first time since 2008.

But prices aren’t likely to fall and may set a record after schools let out and drivers start hitting the road for vacations next month. The national average price could easily hit $4.50 a gallon or even higher this summer.

 

 

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