Inflation for 2022 has been different across the board, as some items have increased in price while others have fallen.
Key Details
- This year brought record-high costs for many items as the U.S. faced the highest inflation level since 1981.
- The Consumer Price Index (CPI) reached 9.1% in June compared to last year and slowed to a 7.1% increase in November.
- Inflation has been brought on by supply-chain issues brought on by the pandemic and Russia’s invasion of Ukraine, but the high prices haven’t been the same across the board, as some items are up, and others are down.
Why it’s news
The U.S. has been plagued by high inflation prices for 2022, but some prices skyrocketed while others fell.
Grocery prices were one of the main items skyrocketing this year, hitting the highest price since 1979 in August, rising 13.5% from the same time the year before.
According to the Labor Department, the cost of eggs and margarine rose 50% in November, while flour and other baking mixes rose 24.9%. Meat prices increased 1.1%, marking a slowdown compared to the 16% jump in 2021.
Airline tickets saw the highest jump since 1980, rising 40% in September and October. Prices for airlines dropped dramatically during the pandemic as many people cut back on travel, but have since grown considerably.
Some things that went down in price include televisions and sporting event tickets. TV prices dropped 17% in November compared to the year before, while ticket prices for sporting events dropped 7.2%.
Inflation is starting to cool down, but many costs are still extremely high compared to last year and starting to come down slowly.
