WASHINGTON — As millions of Americans get ready for holiday travel, they are set to face significantly higher costs, than they did just one year earlier.
The Verify team turned to experts at the U.S. Bureau of Labor Statistics and AAA to break down the latest data for food, fuel and other costs.
SOURCES:
- Ragina Ali, Public and Government Affairs manager at AAA Club Alliance
- Steve Reed, Economist at the U.S. Bureau of Labor Statistics
- U.S. Bureau of Labor Statistics data
WHAT WE KNOW:
Gas prices are one of the most visible signals of inflation, as people are feeling the pain as they fill up on a daily basis.
According to AAA, the national average for a gallon of regular on July 1, 2022, was reported to be roughly $4.84. One year earlier, the gas price was roughly $3.12 per gallon. That means the national cost of gas has skyrocketed by $1.72 per gallon in one year.
Prices have skyrocketed across the D.C. region as well:
- Washington, D.C. -- $4.995 on 7/1/2022 (Increase of $1.76 from 7/1/2021)
- Maryland -- $4.774 on 7/1/2022 (Increase of $1.77 from 7/1/2021)
- Virginia -- $4.653 on 7/1/2022 (Increase of $1.72 from 7/1/2021)
Ragina Ali from AAA said that gas prices tend to follow the price of crude oil, which has been on the rise over the last year.
"Once Russia invaded Ukraine," she said. "That's when we consistently saw gas prices jump -- literally beating each day's costs every day. We were seeing record highs, probably from early March for several weeks.”
The price of airfare is also on the rise, according to the U.S. Bureau of Labor Statistics. From May 2021 to May 2022, airfare costs increased by 37.8%.
What About Food?
Food costs have also seen a major increase since last year. According to the Bureau of Labor Statistics, overall food prices have jumped by 10.1% from May 2021 to May 2022.
Steve Reed, an economist from the Bureau of Labor Statistics, said that these increases have been seen across the board.
"We're seeing inflation at a level that we really haven't seen since the late '70s into the early '80s,” he said.
Here are the costs of various food items, according to the U.S. Bureau of Labor Statistics:
- Food Overall: 10.1% Increase
- Uncooked Ground Beef: 13.6% Increase
- Pork: 13.3% Increase
- Bacon and related Products: 15.3% Increase
- Frankfurters: 10.4% Increase
- Poultry: 16.6% Increase
- Fish and Seafood: 12.2% increase
- Eggs: 32.2% Increase
- Milk: 15.9% Increase
- Fruits and Vegetables: 8.2% Increase
- Coffee: 15.3% Increase
- Alcohol Beverages: 4% Increase
To look over the entire database, visit the Bureau of Labor Statistics website here.