In Case You Missed It - Inflation Hit Public Transportation the Hardest in 2022

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ICYMI: Inflation Hit Public Transportation the Hardest in 2022

In case you missed it, inflation hit public transportation the hardest this year, a new analysis from The Balance has found. The cost of public transportation has surged 27.5% since January, largely boosted by the price of airfare, which jumped over 40%. But for those with shorter commutes, intercity public transport costs only increased by 2%. That's less than the annual rate of inflation across all categories at 7.1%.

The analysis found many U.S. households are likely to have shelled out more money on everyday costs, stinging their wallets. The cost of car repair and insurance was another one of the categories hit hardest by inflation, forcing consumers to spend close to 21% and 17% more, respectively.

Other necessities also saw big price jumps.

Fuel and utilities rose nearly 16%, driven by higher costs of household energy, and electricity. At roughly 12%, food prices didn't see the highest price jump, but the cost of certain groceries was sure to take a bit out of household budgets. Groceries jumped 14% in price, in large part thanks to eggs which increased 55% in cost since the beginning of the year. Butter and margarine were 41% more pricey since the start of the year.

- Kristin

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Term of the Day

Cash Back

Cash back is a type of bonus paid by credit card issuers to cardholders for purchases made on the credit card. Cash back may be awarded as a statement credit that reduces the cardholder's outstanding credit card balance; or cardholders may opt to receive cash back as a deposit to their bank account, a check, or a prepaid card. In some cases, your cash back is given in the form of points that are usually worth 1 cent per point. For example, let's say you make a $200 purchase on a credit card that offers 2% cash back on all purchases. You would earn $4 in cash back.

Off the Charts

Wondering what has fallen in price this year? Televisions in particular saw some of the biggest price drops since the start of 2022. Television prices sank over 18% as retailers, in hopes of lightening their inventory, offered discounts to entice shoppers. Used cars and trucks also dropped in price, declining close to 8%, while admissions to sporting events dropped nearly 7%. Major appliances also decreased in price, dropping 2% since the start of the year.