Article source: ConstructConnect
Aficionados of horror movies know there are certain things – e.g., the proximity of Frankenstein’s monster – that will cause ‘the villagers’ to pick up their pitchforks and charge into the woods for a confrontation. It’s widely understood that the ‘villagers’ are you and me.
Such works may be escapist fiction, but while basic safety and security will always be a primary concern in real life, there are other terrors in non-fiction that are equally likely to incite our concern and ire and they’re mainly economic – e.g., a scarcity of jobs or sky-high prices.
With respect to inflation and rapidly increasing price levels, this article looks at three products that for many people are essentials – rent, gasoline and coffee.
Charts 1 through 6 show the year-over-year percentage changes of the rent, gasoline and coffee sub-indices within the broader Consumer Price Index (CPI) data produced by the U.S. Bureau of Labor Statistics (BLS) and Statistics Canada.
In the U.S., media headlines immediately prior to Memorial Day Weekend carried the message that travelers taking to the roads were about to discover that a fill-up at the gas pump would cost them nearly one-third more than a year ago.
The stronger U.S. economy has been contributing to more demand for gasoline. According to the website, www.gasbuddy.com/charts, the average price of gasoline in America is now $3.00 USD per gallon. Last year at the same time, it was $2.40. The increase has been +25%.