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Friday, July 22, 2022

It's Not Just Gas: Food Prices Skyrocket

Food prices helped drive the Consumer Price Index up 9.1% in the past year, marking the biggest annual increase in 41 years. According to government statistics, food costs rose 10.4% in the past year — the fastest pace since February 1981.

Driving the increase: Energy prices were responsible for more than half of the monthly gains in headline inflation, with gas prices rising over 11% last month, Axios' Neil Irwin and Courtenay Brown write.

However, the average price of regular-grade gas is falling. As of this morning, it is at $3.92 in the greater Austin area — down from $4.65 a month ago.



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