The Top Six Inflation Drivers of 2022
January 20, 2023
In June 2022, the 12-month rise in the Consumer Price Index (CPI) peaked at 9.1%, the fastest pace in 40 years, before dropping to 7.7% in October. This bout of inflation has been driven in large part by steep price hikes for essentials, hitting many U.S. households where it hurts the most. In fact, more than three fourths of the annual increase in the CPI can be attributed to these six categories.
Contribution to the 12-month, 7.7% increase in consumer prices, October 2022
- 30% Shelter
- 19% Food
- 10% Motor vehicles and insurance
- 9% Gasoline
- 7% Energy services (electricity/piped gas)
- 5% Medical care
Source: U.S. Bureau of Labor Statistics, 2022
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