Since the beginning of the year, the average price of a gallon of gas in the US has jumped 14%, denting many consumers’ wallets and complicating the Federal Reserve’s inflation control efforts. These increases may trigger memories of the steep inflationary surge in gas and other commodities during the COVID era. In June 2022, gas prices nearly doubled from their pre-COVID level to almost $5.50 per gallon. How will higher gas prices impact consumers and ultimately Fed policy? Kara Murphy shares her thoughts in this week’s Money with Murphy.
