"The rate of consumer inflation continued to rise, reaching 8.1% year over year in June, following a 7.7% gain in May. The increase was the largest yearly change since January 1983. The acceleration in June was mainly due to higher prices for gasoline, however, price increases remained broad-based with seven of eight major components rising by 3% or more," the statement said.
Consumers paid 54.6% more for gasoline in June 2022, than in the same month in 2021. Furthermore, this is a 6.6% increase from May 2022, while prices at the pump, on a month-to-month basis went up 6.2%, after they rose 12% in May. This is mainly due to the market’s high crude oil prices, the statement added.
The automobile sector and consumer services have also contributed to the higher levels of inflation. Prices for passenger vehicles in June are 8.2% higher, while service costs rose by 5.2%, led by higher fees in restaurants, rent, and traveler accommodation among others, compared to the same period in 2021.
On the other hand, housing prices did not follow the upward trend, being one of the only sectors which experienced a slower pace of acceleration.