US inflation hits 40-year high due to record gas prices: Electric vehicles trend

 US inflation hits 40-year high due to record gas prices: Electric vehicles trend

It climbed higher than 8.6%, which was estimated at the end of the financial year in May.

It climbed higher than 8.6%, which was estimated at the end of the financial year in May.

It is also much higher than the 8.8% that economists had predicted.

It is also much higher than the 8.8% that economists had predicted.

Much of the increase was driven by a jump in gasoline prices, which went up by 60% over the first half of 2022.

Much of the increase was driven by a jump in gasoline prices, which went up by 60% over the first half of 2022.

Americans faced record-high gas prices in June 2022, with the national average topping $5 a gallon.

Americans faced record-high gas prices in June 2022, with the national average topping $5 a gallon.

Electricity and natural gas prices also rose, by 13.7% and 38.4%, respectively.

Electricity and natural gas prices also rose, by 13.7% and 38.4%, respectively.

The increase was felt across all categories. Prices for food at home were up 12.2% over the year and shelter costs were up 5.6%.

The increase was felt across all categories. Prices for food at home were up 12.2% over the year and shelter costs were up 5.6%.

Americans are considering switching to electric vehicles now due to the high gas prices.

Americans are considering switching to electric vehicles now due to the high gas prices.