Gasoline prices surge by nearly 50%, overall costs up 21.15% since 2020.
Let’s examine the inflation and price changes since 2020. According to the U.S. Bureau of Labor Statistics, prices for all items have increased by 20.23% from 2020 to 2024. On average, this translates to an annual inflation rate of 4.71% during that period1. Specifically, here are some notable price increases: Gasoline: From December 2020 to December 2021, gasoline prices rose nearly 50%. Food: Food …