Jul 19, 2022 - News

๐Ÿ“ˆ Relentless inflation in Detroit

Change in price of select goods in the Detroit metro area
Data:ย Bureau of Labor Statistics;ย Chart: Axios Visuals

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 โ€“ 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 โ€” 22 cents lower than last week.
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