Inflation Hits Another High: See Prices For Arizona Residents

ARIZONA — Consumer prices surged once again, increasing 6.8 percent over a 12-month period — making it the highest such increase in nearly 40 years. While prices increased across the board, prices for gas, food, used and new cars were the major contributors, according to the Bureau of Labor Statistics.

Data released this month by the Bureau of Labor Statistics show gas prices nationwide have surged just over 58 percent and food prices are up 6.1 percent in November over the past year.

The Labor Department also reported Friday that prices rose 0.8 percent from October to November — a substantial increase, though slightly less than 0.9 percent increase from September to October.

Some economists are holding out hope that inflation will peak in the coming months and then gradually ease and provide some relief for consumers. They note that supply shortages in some industries have begun to gradually ease. And while higher energy costs will continue to burden consumers in the coming months, Americans will likely be spared from earlier forecasts that energy prices would reach record highs over the winter.

However, the price increases vary by region. The most recently available data show how much more consumers in Arizona are paying for goods and services.

SEE ALSO:Why U.S. Inflation Is So High, And When It May Ease: Explainer

Here’s a look at how prices stood in November in the western United States, including Arizona.

Overall, prices were up 6.5 percent in the western U.S., over the 12-month period ending in November. Here’s a breakdown of how much more residents are paying for everyday items:

Food and beverages

Prices are 6.5 percent higher compared to November 2020.

Prices for meats, poultry, fish and eggs are up 15.4 percent and prices for food away from home are up 5.1 percent.

Gas

Gasoline prices are up nearly 49 percent and overall prices for both new and used cars are up 18 percent, however used cars have seen a bigger jump with prices up 31 percent.

Housing

Overall, prices are up 4.1 percent while rents are up 3.1 percent.

Reporting and writing from The Associated Press was used in this report.