Jul 21, 2022 - Business
Philly's 8.8% inflation rate is its highest since 1982
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The Philly area's inflation rate hit 8.8% last month, according to the Bureau of Labor Statistics.
- That's a little behind the national rate of 9.1%, but remains the largest year-over-year increase for our area since January 1982.
Why it matters: It feels like everything's getting more expensive, but our region's wages — up nearly 5% since last year — can't keep up.
State of play: Energy costs are fueling the inflation surge, jumping 46% compared to last June. That's the biggest increase since April 1980.
- Gas was up 59.3% over that period — no doubt contributing mightily to our spiking commute costs.
The good news: There are some signs that the energy crunch is finally slowing across the globe.
- Gas prices are sinking, with the national average dropping below $4.50 per gallon this week — though Philly is still averaging around $4.65.