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U.S. Gas station and convenience store update

The quickest increase since November 1981; consumer inflation in the United States increased to 9.1% in June 2022. Gas prices, which were up about 60% from a year ago and 11.2% from May 2022, were mostly responsible for the growth. Housing and food prices also significantly contributed to the rise.

As per the U.S. labor department, the consumer price index (CPI) rose 1.3% in June 2022 after rising 1% in May 2022, raising inflation to 9.1% from 8.6%. In addition, double-digit inflation was recorded in eight places, up from four in May 2022.

Since records began twenty years ago, Seattle, Miami, Houston, and Baltimore were the first cities to cross the threshold. According to research from the motorist advocacy group AAA, U.S. petrol prices reached all-time highs in June 2022, averaging over $5 per gallon.

The primary factor behind June’s 9.1% increase in consumer prices in the United States over the same month last year—the most significant yearly increase in four decades—was gasoline (source, The Guardian).

The other four cities with an increase in inflation exceeding 10% were Atlanta, Tampa, Riverside-San Bernardino in California, and Phoenix, which will have the highest big-city inflation rate in 2022. (source, The Guardian). According to economists, the Covid-19 pandemic and the impacts of a global supply chain problem aggravated by the conflict in Ukraine were the leading causes of the high increase in U.S. consumer prices in Q2 2022.

According to Numerator, food inflation hit a new high of +15.1%, more than doubling since the year’s beginning. Frozen meat was the grocery category that was most negatively impacted, followed by chips (+26%), chicken (+25%), water (+22%), and milk and milk substitutes (+17%).

The supermarket industry’s department dealing with the most significant damage was beverages. Among the top-selling categories in the supermarket business, five beverage categories are in the top 10 for the best inflation rates. (Reference: NACS).