Gasoline and Inflation May 2024

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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.

CPI gasoline 2021 to 2024 Gasoline and Inflation May 2024

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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%.

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About Tony Lima

Retired after teaching economics at California State Univ., East Bay (Hayward, CA). Ph.D., economics, Stanford. Also taught MBA finance at the California University of Management and Technology. Occasionally take on a consulting project if it's interesting. Other interests include wine and technology.