Gasoline Prices Continue To Fall
Why is no mystery:
Source: FRED.
The gasoline prices are through the week ending 7/4. Gasbuddy.com indicates prices have fallen to $3.66 today, from about $3.79 on 7/4, and the peak of $5.03 on 6/14.
Source: gasbuddy.com, accessed 7/10/22.
Gasoline has a 3.75% weight in the CPI (see here), but the percentage variation in gasoline prices are enormous, so one can account for substantial shares of headline CPI inflation.
Futures as of four days ago were signaling continued decline, and this is true today, albeit with a slightly higher level (about 17 cents for December 2022 contract).
More By This Author:
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The Relative Price of Gasoline Through July, 4
Disclosure: None.
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