Take a fresh look at your lifestyle.

- Advertisement -

Americans warned to brace themselves for the highest Thanksgiving gas prices EVER as millions take to the road

Americans could face the highest-ever gas prices ahead of the Thanksgiving holiday travel season as millions prepare to hit the road amid still skyrocketing prices and inflation.

The national average price for a gallon of gas is expected to hit $3.68 next Thursday, Nov. 24 as Americans prepare for the party.

That number is 30 cents higher than the same time in 2021 and more than 20 cents higher than the previous record of $3.44 per gallon in 2012.

However, it doesn’t seem to stop holiday travel, with some people celebrating Thanksgiving 2022 for the first time visiting family since the start of the COVID-19 pandemic in 2020.

About 20 percent more Americans have plans to travel for the holidays, according to industry analysts GasBuddy.

While 62 percent of Americans don’t plan to hit the road on turkey day, only 21 percent say high gas prices are to blame.

Patrick De Haan, the site’s chief of petroleum analysis, said: “Americans are proving that while we will openly complain about high gas prices, most of us won’t be deterred from taking to the highways to celebrate Thanksgiving with those who matter most. matter. us, especially now that precautions against the pandemic have been eased.”

GasBuddy says travel will be busiest between 11am. and 2 p.m. the Wednesday before the holiday and on Black Friday morning between 8 a.m. and 8 p.m. and 11 a.m

The news comes as Americans continue to battle inflation, with some cities and states combating the ongoing U.S. crisis better than others, according to the Bureau of Labor Statistics.

Statistics from October – the most recent available – show inflation at 7.7 percent. That’s down from the 40-year high of 9.1 percent recorded in June, though it’s still driving a crippling rise in the cost of living for many Americans.

Meanwhile, several experts told Bloomberg on Thursday that they expect inflation to last for at least another year.

They also warned that tapering rate hikes too quickly could exacerbate the problem, convincing Americans that the crisis was over.

They fear that this could prompt them to loosen their stock market feathers and trigger another surge in prices as demand for goods and services soars.

It was announced a week ago that inflation in the United States was declining last month, a sign that the price hikes that have plagued Americans are abating as the economy slows and consumers become more cautious.

Despite the good news, figures from the Bureau of Labor Statistics show that some cities are still considered hotbeds of inflation.

In October, Phoenix reported inflation of 12.1 percent on certain goods. That is 0.9 percent less than the record high of 13 percent reported earlier this year.

Inflation is believed to be hitting the area the hardest because Phoenix is ​​also one of the fastest growing places in the country – meaning food, gas and housing stocks can’t keep up.

New data from the Bureau of Labor Statistics shows the cities where inflation is hitting the hardest

According to Redfin, the average home price in Phoenix was nine percent higher in September than the same time last year

According to Redfin, the average home price in Phoenix was nine percent higher in September than the same time last year

According to Redfin, the average home price in Phoenix was nine percent higher in September than the same time last year

According to Redfin, the average home price in Phoenix was nine percent higher in September than the same time last year.

Jim Rounds, an economist and policy analyst at Rounds Consulting, told 12News of the struggle in Arizona, “These are unusual times and these are unusual circumstances.

“When the economy is in a mess and there’s a lot to fix, it just takes longer to fix. Arizona and the greater Phoenix area are just unique because we’re also growing fast, and that puts extra pressure on it.”

Other cities experiencing high inflation rates are Atlanta, where prices have risen 10.7 percent, and Miami, where prices have risen 10.1 percent.

Overall, the Republican-led states of Georgia and Florida have seen prices rise 8.3 percent.

That’s the same number seen in South Carolina, North Carolina, Maryland, Virginia and West Virginia.

Moving westward, Texas, Oklahoma, Arkansas and Louisiana are seeing slightly higher inflation, with a reported 8.4 percent.

In the north, New York, New Jersey, Pennsylvania and Delaware reported rates of 6.8 percent, below the national average.

The consumer price index rose 7.7 percent in October from a year ago, marking the fourth straight month of declines from the 40-year high of 9.2 percent reached in June.

Core inflation, which excludes volatile food and energy prices, fell to 6.3 percent year on year, after hitting a four-decade high of 6.6 percent in September.

The numbers were all lower than economists had expected and Wall Street reacted positively, with the Dow Jones Industrial average gaining 750 points, or 2.31 percent, at the open and rising to 33,264.

US annual inflation remained stubbornly high at 7.7 percent last month, but fell for the fourth month in a row

With mortgage rates rising and home prices falling, the US housing market has cooled significantly since the days of the pandemic.  October house prices are not in yet as mortgage rates skyrocketed to over 7% for several weeks

With mortgage rates rising and home prices falling, the US housing market has cooled significantly since the days of the pandemic.  October house prices are not in yet as mortgage rates skyrocketed to over 7% for several weeks

With mortgage rates rising and home prices falling, the US housing market has cooled significantly since the days of the pandemic. October house prices are not in yet as mortgage rates skyrocketed to over 7% for several weeks

“Today’s October CPI reading is a good sign for consumers who have struggled to cope with continued inflationary pressure on household budgets in recent months,” said Scott Brave, chief economic analyst at decision-making firm Morning Consult.

Brave added that the latest report, along with other recent data, “suggests that households got a welcome reprieve from the sting of inflation last month.”

Used car prices, which skyrocketed last year as a shortage of computer chips sharply reduced the availability of new cars, fell 2.4 percent from September to October.

And energy service prices fell, thanks to a 4.6 percent monthly drop in the price of natural gas utilities, as natural gas prices eased their recent peaks.

Gasoline prices, however, rose 4 percent from September to October, reversing three consecutive months of monthly declines.

Leave A Reply

Your email address will not be published.