After about three decades of relatively low inflation, consumer prices are skyrocketing again.
The price of gasoline, for example, was up 40% in January 2022 from a year earlier, while used cars and trucks jumped 41%, according to data released on Feb. 10, 2022. Other categories experiencing high inflation include hotels, eggs, and fats and oils, up 24%, 13%, and 11%, respectively. On average, prices climbed about 7.5%, the fastest pace of inflation since 1982.
