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Inflation tracker: How much are prices rising for U.S. consumers?

Inflation is rocking U.S. consumers at levels not experienced in more than 40 years.

From the cost of buying and renting homes and buying weekly groceries to filling up the gas tank, booking travel and more, rising prices have hit U.S. spenders for much of this year. The skyrocketing cost of living has prompted state legislators to suspend gas taxes and encouraged a flurry of moves from the White House and the Federal Reserve to keep prices from spiraling out of control.

NBC News is tracking inflation levels across a variety of consumer metrics. The chart below, which shows how prices each month compare to the same time a year earlier, will be updated monthly.

For more than a year, broad swaths of the economy have been dealing with supply chain disruptions that have affected the availability of wine and video game consoles to cars and eggs. For cars and consumer electronics, even if manufacturers wanted to build more items, they haven’t had enough computer chips or raw materials to do so for more than a year. That has led to sharp rises in prices for new and used cars — if there are any left on the lot — and to scalpers snatching’ up the latest video game consoles to resell at inflated prices.

Many industries, including oil refineries, car factories and airlines, cut staff and production in 2020 at the outset of the Covid-19 pandemic, leaving them understaffed when demand for travel roared back.

Russia’s invasion of Ukraine and subsequent oil embargoes by the U.S. and the European Union have also further strained the global energy supply, isolating one of the world’s largest oil and gas producers and driving prices higher as countries scramble for replacements. Gas prices only started falling in the summer, after a prolonged rise at the start of the year.

And rising natural gas prices have led to spikes in the cost of electricity, sending energy bills soaring in some cities.

The federal government has taken steps to combat rising prices. President Joe Biden has authorized several withdrawals from the Strategic Petroleum Reserve, and more than 20 states, including New York, Connecticut and Georgia, either paused their local gas taxes or introduced legislation to do so.

Source: https://www.nbcnews.com/data-graphics/inflation-tracker-how-much-prices-rising-us-consumers-n1296378


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