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June 14, 2022 | Brief
With inflation at record levels and fuel costs adversely affecting households and businesses, we are wondering how much these higher costs will impact US transportation choices. Early data seem to suggest that households may be more likely to reduce other expenses than to drive less.
Annual inflation rose to a 41-year high in May, the Bureau of Labor Statistics (BLS) reported on Friday, June 10. As measured by the Consumer Price Index (CPI), prices increased by 8.6 percent on a year-on-year basis. A main contributing factor for inflation as experienced by US households is the rise in fuel prices. For the 12-month period ending in May, gasoline prices rose by 48.7 percent.[1] Diesel prices are up 74 percent for the same time frame.[2]
Coming out of the COVID-19-induced recession, Americans favored driving fo
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