Gas prices are skyrocketing and are expected to rise even higher this summer
Gas pricesclimbed over 9% in the past month and 22.5% from last year.
- Fuel prices are expected to reach a three-year high this summer.
- As vaccination rates increase, the costs of goods will continue to rise.
Gas prices jumped over 9% in the past month and they're not expected to slow down anytime soon.Gas prices are up 22.5% from the previous year and were the biggest contributor to an overall increase in goods and services in the nation, according to the US Bureau of Labor Statistics' Consumer Price Index. Fuel prices pushed a 1-month increase in the overall price of goods for March that was the highest in nearly 9 years.
"We forecast 15% more highway travel this summer as a result of rising employment, easing regional restrictions designed to slow the pandemic, and increasing overall economic activity as vaccination rates increase," Nalley said in a statement.Rising demand for gasoline piles onto a host of other supply constraints for fuel in the US. From shipping container shortages and the impact of the Suez Canal blockage, to
Analysts also said the rise in prices are showing signs of
Prices increased over last year at their highest rate since 2018, beating analysts estimates. The index rose 0.6%, while analysts estimated a 0.5% increase, according to Dow Jones estimates.
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