A few days ago I wrote about May inflation. Toward the end I took a quick look at gasoline. Since then I remembered that I did a deep dive into contributions to overall inflation by various product groups. I replicated those calculations for gasoline specifically. This Excel workbook includes everything in my earlier deep dive plus some specific data on gasoline. Gasoline contributed quite a bit to inflation.
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Here’s the short version. Gasoline contributed about 4% to overall inflation. I’ll just add that between May, 2021 and May, 2024, gas prices increased 6.89% per year. The total increase was 22.12%.
