Published on 13 May 2022 on Insider Monkey via Yahoo Finance
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Inflation is cutting deep into the pockets of everyday citizens across the globe. In the United States, the consumer price index (CPI), a benchmark for inflation, rose 8.3% year-on-year in April. This was near the highest levels in over 40 years, and above the estimated figure of 8.1%. The Core CPI, which measures living prices excluding energy and food, also rose at a higher than expected rate of 6.2%.
A large contributor towards spiraling consumer prices is the bump in valuations of oil and natural gas. Gasoline prices in the United States have more than doubled since 2020, and the average price for regular gasoline stands at a historic high of $4.42 per gallon.