This past week, gas prices remained largely unchanged, with regular gasoline inching up by just 1 cent and premium gasoline edging down by 1 cent from the previous week. According to data from GasBuddy.com as of June 17th, California continues to have the highest average price for regular gasoline at $4.78 per gallon, while Mississippi boasts the lowest at $2.88 per gallon.
Nationally, the average price for a gallon of regular gasoline stands at $3.44, with premium gasoline averaging $4.33 per gallon. A year ago, the prices were slightly higher, with regular gasoline at $3.58 per gallon and premium gasoline at $4.41 per gallon.
Inflation-Adjusted Reality
The fluctuations in crude oil and gasoline prices have been clearly reflected in recent years in both the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE). These indices highlight the impact of energy prices on overall inflation. For further insights into how energy prices influence the CPI, refer to the article “Inside the Consumer Price Index.”
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