Inflation has sent prices sky high for just about everything: groceries, gas and rent, among other essentials. But some goods are getting hit harder by cost increases than others.
Meanwhile, it takes one cruise past a roadside sign to know that gas prices have jumped significantly over the past year. While prices at the pump have fallen for nearly two months, they remain highly elevated. Gas prices have risen 26% over the past year,In this July 20, 2022, file photo, the price of regular unleaded gas is advertised for just under $4 a gallon at a Woodman's, in Menomonie Falls, Wis.As mentioned, overall food prices have increased sharply.
Health care, meanwhile, has managed to escape nearly all of the steep price hikes. The medical care commodities index, a measure of the price of goods and services in health care, rose 3.7% year-over-year in July -- that’s well below overall inflation and relatively close to the Federal Reserve’s target inflation rate of 2%.Insurers and providers often negotiate health care prices well in advance, leaving them less sensitive to short-term pricing pressures.
Taken together, the overall price of goods has shown signs of moderating. In July, the consumer price index rose 8.5% compared with the same month a year prior. While still high, the year-over-year inflation rate eased from its breakneck pace in June, according toOn a monthly basis, the consumer price index rose 1.3% in July, remaining flat from the rise seen in June, according to the bureau.
The data offers hope to policymakers and consumers that inflation has peaked. But, as with rising inflation, a cooling off of price hikes will likely play out in uneven ways across the host of products that Americans buy each day.
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