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Gasoline Prices Rise Year-Over-Year For First Time Since Feb, 2022: CPI Inflation to Feel the Heat This Year

September 06, 2023

by Wolf Richter Wolf Street

“Disinflation” already ended.

The average price of gasoline, all grades, across the US last week – after surging for three months – exceeded the price in the same week a year ago for the first time since February 2022. According to EIA data this afternoon, the average price at $3.93 per gallon, was up by 1.7% from the same week in September a year ago ($3.86).

So this is the year-over-year percent change of the average price of gasoline on a weekly basis. And it’s another setback for the Consumer Price Index to come. “Disinflation” good bye. But we already said goodbye to “disinflation” with the July CPI.