Tuesday, January 18, 2022

How Much Did Inflation Affect You?

The consumer price index climbed 7.0 percent in 2021, the largest annual increase since 1981, the Bureau of Labor Statistics reports. But for many items, the increase was much lower. Here is the percent change in consumer prices for selected categories of goods and services...

Percent change in the consumer price index, December 2020 to December 2021 
49.6%: gasoline
37.3%: used cars and trucks
24.1%: meats, poultry, fish, and eggs
11.8%: new vehicles
  9.0%: tobacco and smoking products
  7.4%: household furnishings
  7.0%: all items
  6.5%: food at home
  6.0%: food away from home
  5.0%: fruits and vegetables
  4.1%: shelter
  3.3%: recreation
  2.3%: alcoholic beverages
  2.2%: medical care
  2.0%: education
  1.4%: airline fares
  0.0%: prescription drugs

So, if you're a vegetarian who drives an electric car you've had for years, inflation is not so bad. If you're a meat-eater who drives a used Ram pickup truck purchased in 2021, ouch.

Source: Bureau of Labor Statistics, Consumer Price Index: 2021 in Review

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