Jul 19, 2022 - News
📈 Relentless inflation in Detroit
High food and gas prices in metro Detroit are driving a serious inflation spike.
Why it matters: Inflation recently hit a four-decade high nationally, which could help trigger a recession.
By the numbers: The cost of local consumer goods at the end of June increased 3% over the past two months.
- That follows a trend – prices are up an average of 9.7% in the past year, according to the latest Consumer Price Index.
- Food prices jumped 12% in the last year and gasoline is up 64%.
Yes, but: Metro Detroit drivers are paying less at the pump lately.
- The average cost per gallon yesterday was $4.65 — 22 cents lower than last week.
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