PRICES ARE HIGHER EVERYWHERE

With inflation at a 40-year high, households are paying a lot more for groceries and gas.

- SANDRA BLOCK

THE TROUBLE WITH INFLATION IN 2022 isn't just how high it is-up 9.1% in June from a year earlier but also its breadth. In June, just about every consumer spending category, with the exception of watches and men's shorts, rose often by double digits.

Some of the biggest increases were in food categories, and the price hikes were across the board. Chicken, long the budget option for families, rose 18.6% price-sensitive in June. Switching to a vegetarian (or vegan) diet would have offered some savings, but not much: Fresh fruits and vegetables rose 8.1%.

Underlying these increases has been a sharp jump in energy prices, which has added to the cost of transporting food and other consumer products. The price of gas jumped 60% in June from a year earlier, and while prices at the pump have dipped slightly in recent weeks, they're still near recor levels. Kiplinger sees little sign that gas prices will ease over the longer term. As long as demand remains strong, gas prices will likely remain near $5 a gallon this summer and could spike well above that amount if a hurricane in the Gulf of Mexico region shuts down refineries even for a few days.