Energy and fuel were among the top contributors to inflation this past year, with used cars, electricity, and food all enhancing the tensions surrounding inflation.
Transportation costs have become a growing contributor to inflation, as the vast majority of food, produce, and basic consumer goods are transported using gasoline and diesel. The summer months are expected to be especially challenging for shippers and consumers, as the historically demanding summer months drive fuel prices even higher. Optimistically, the enormous rise in inventories is expected to ease inflation over the next few months, as an oversupply of materials and finished products are expected to fall in price.
Sources: EIA, BLS, Labor Dept.
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