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Susan Tompor: Consumer prices up 7.5% in the Midwest over the past year; faster than nation

Susan Tompor, Detroit Free Press on

Published in Business News

Rankin said he would expect that Michigan and the Midwest as a whole will continue to see inflation that is above the national average.

PNC forecasts that the national consumer price index will remain elevated in the first quarter of 2022, coming in at 7% year over year for January and 6.7% year over year for February. Yet PNC expects that pace to slow to an average of 3% for the fourth quarter of 2022.

Higher gas prices contribute to price hikes for groceries and other goods

Supermarkets and other stores are likely passing along higher costs involved with transportation and supply chain disruptions, too.

Energy prices in the Midwest jumped 30.6%, largely the result of an increase in the price of gasoline.

Gas prices are up nearly 50% from a year ago in the Midwest, LaPorte said, which is about in line with other regions in the country.

 

We're paying nearly a buck more a gallon for gas at the pump than a year ago.

In metro Detroit, the average price for a gallon of gas was $3.22 on Wednesday, up from an average of $2.30 a gallon a year ago, according to GasBuddy.com.

We're not likely to see much relief at the pump in 2022, and we could even see steeper price hikes ahead, according to some forecasts.

GasBuddy predicts that we could see a national average of $4 per gallon this spring, as the U.S. economy continues to recover from the pandemic.

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