Dec. 31—Gas prices and the cost of living saw wild upward and downward trends nationwide throughout 2022.
Prices at the pump have been making headlines since the first half of 2022, with national gas price averages hitting $5 per gallon in June.
Luckily, drivers have finally seen some relief in the second half of 2022, with national gas prices averaging $3.19.
Some of the biggest contributors to the inconsistent gas prices this year include coming out of the COVID-19 pandemic, the Russian invasion of Ukraine and refinery shutdowns.
While it is hard to predict gas prices in the future, Nick Chabarria, AAA public affairs specialist, said if things continue as they are, Missouri residents should see gas prices remain low in the near future.
Consumers also saw the cost of living skyrocket this year. According to the Bureau of Labor Statistics consumer price index, the inflation rate in 2021 was 4.70%. The current inflation rate compared to 2021 is now 7.11%.
In June, inflation hit a four-decade high of 9%. Finally, in November, annual inflation decreased to 7.1%.
While consumers still are seeing high grocery and energy prices, some experts predict seeing an easing of those in 2023.
Sara Rooney can be reached at sara.rooney@newspressnow.com.