📈 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.