Electricity Prices Jumped More than Double that of Inflation Last Year, Consumer Index Shows

Prices for electricity in the United States soared well above overall inflationary levels last year, putting an added squeeze on consumers already reeling from significantly inflated costs of most consumer goods. The Consumer Price Index Summary released by the U.S. Bureau of Labor Statistics this month showed the 12-month average price of electricity last month jumping a whopping 14.3 percent, more than double the 6.5 percent of overall price increases.

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Kemp Budget Proposal Includes More Tax Rebates, Spending on Schools and Police, and a 2024 Cost of Living Increase for State Employees

Governor Brian Kemp announced his budget proposal on Friday, highlighting $250 income tax rebates, one-time discounts on homeowner property tax, and spending on education, economic development, improving healthcare access, and a $2,000 cost-of-living increase for state employees.

“Despite national economic headwinds caused by 40-year high inflation, Georgia’s economy remains a leader nationwide. As we look ahead to the upcoming fiscal year, we expect the state’s economy to be well positioned to withstand any further national economic slowing,” he said in a letter to lawmakers.

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Commentary: Wokeness Is Hollowing Out The Fed

Are you wondering why checking out at the grocery store these days feels like making a mortgage payment? This week’s four-decade-high inflation is a direct result of the Federal Reserve taking its eye off the ball over the last two years. Instead of focusing on its mandate of keeping prices stable, it has been more concerned with financing massive federal deficits and kowtowing to liberal ideology.

But now the Fed chair is claiming just the opposite.

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Nonprofit Says Georgians Are Still Hurting from Inflation

While the Consumer Price Index for All Urban Consumers dropped 0.1% in December and the year-over-year inflation rate stands at 6.5%, a Georgia nonprofit says Peach State residents may not be feeling the good news.

“We keep seeing positive headlines about the inflation rate, but that good news is lost on average Georgians who are continually pinched on the cost for everyday necessities like groceries and gas,” Erik Randolph, Georgia Center for Opportunity’s director of research, said in a statement. “Although there was some positive news in the December numbers, it’s important to keep in mind that core inflation remained elevated, including for food. If policymakers in Washington truly want to help the most economically vulnerable in our country, they must return to fiscal sanity and rein in the spending.

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At Inauguration, Georgia Gov. Kemp, LG Jones Call for Tax Relief, Money for Law Enforcement and Schools, and Tougher Sentencing Guidelines

During their inaugural speeches, Governor Brian Kemp and newly-elected Lieutenant Governor Burt Jones painted a picture of Republican successes in Georgia but called for further tax relief, investment in schools and health care, and tough-on-crime policies. “Last year on the campaign trail, no matter where we went, hard-working Georgians told…

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Consumers Are Paying Record Credit Card Rates Due to Inflation

Average interest rates for bank-issued credit cards this past November surpassed a record set in 1985, Axios reported Wednesday, citing data from the Federal Reserve.

The previous record rate was 18.9%, set in the first quarter of 1985, with November’s rate of 19.1% comfortably eclipsing it, according to Axios. Credit card interest rates climbed alongside the Federal Reserve’s federal funds rate, which the Fed hiked a historically aggressive pace in 2022 to blunt economic demand and reduce the impact of inflation, NPR reported.

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Georgia Gas Tax Moratorium Ends, Rises to 31.2 Cents

Governor Brian Kemp allowed Georgia’s moratorium on state gas and diesel taxes to expire on Tuesday night, after first introducing the moratorium in May and renewing it six times since then.

In 2022, Georgia’s gas tax was 29.1 cents and the diesel tax at 32.6 cents, but that’s going up on Wednesday to 31.2 cents and 35 cents, respectively. As of January 10, before the taxes took effect, Georgia’s average gas price was $2.808, below the national average of $3.270, according to AAA Gas Prices.

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Big Banks Predict Significant Economic Downturn in 2023: POLL

Of the 23 major financial institutions that work directly with the Federal Reserve, 16 anticipate a recession within the next 12 months, with two anticipating one the year after, according to a survey published by The Wall Street Journal Monday.

These institutions, which range from Bank of America to UBS, note that Americans are spending their savings, banks are heightening lending standards and the housing market is in a decline, all classic warning signs that a recession is impending, the WSJ reported. All of this is being exacerbated, the banks say, by the Fed’s historically aggressive pace of interest rate hikes, designed to blunt stubbornly persistent inflation.

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Venezuela, Cuba, and Argentina Have the Highest Inflation in Latin America

Venezuela, Cuba and Argentina registered the highest inflation in 2022 compared to other Latin American countries, according to figures from the Economic Commission for Latin America and the Caribbean (ECLAC) and BCC reports .

The report covers the period between October 2021 and October 2022, where the highest growth of the index is led by the Caribbean country, which accumulates an increase in inflation of 146%, exceeding that of Argentina by more than 50 percentage points (87 8%), the second on the list, and Cuba, which ranked third with 34.2%.

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Commentary: Inflation Takes a Bite Out of Christmas Cheer

Americans may want to light the fireplace more often this winter and cut back on the holiday festivities, according to new data from the Energy Information Administration and the Bureau of Labor Statistics.

Energy costs have remained consistently high for over a year, having risen over 13% since November 2021. So, American families can expect to pay significantly more for their heating oil as the colder months approach. As of the week of Dec. 12, the average cost for residential heating oil hit $4.56 per gallon, which is about 95% higher than it was the week of Dec. 14, 2020, shortly before President Joe Biden took office.

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Sen. Ron Johnson Argues to Eliminate $9.8 Billion in Earmarks From $1.7 Trillion Omnibus Bill

Wisconsin Senator Ron Johnson (R) joined with his colleagues Senators Rick Scott (R-FL), Mike Lee (R-UT), Mike Braun (R-IN), and Rand Paul (R-KY) to oppose the $1.7 trillion omnibus spending bill and argue for an amendment that would eliminate all earmarks.

“Thousands of individual projects here, both Democrat and Republican,” Johnson said Tuesday during a press conference

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Small Businesses Report Hardship Due to Inflation This Christmas Season

Small businesses around the country still see inflation as a top concern this Christmas season.

Goldman Sachs released survey data that found that 52% of surveyed small business owners say that their profitability “has not met expectations. Even while an overwhelming 79% have increased prices compared to last year.”

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Federal Reserve Raises Rates by Half Percentage Point, Signaling Slowing of Rate Hikes

The Federal Reserve on Wednesday announced a reduced but still notable hike in U.S. interest rates, with the central bank moving to hike rates by half a percentage point as part of its ongoing efforts to tamp down inflation.

The hike, which comprises 50 basis points, is less than the three-quarter-point hikes the bank has enacted every month for the last several months, though it still represents a significant raise at a time when the economy remains fragile after years of turmoil and unertainty.

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Federal Inflation Data: Grocery Prices Continue to Rise Nationally

While overall inflation has slowed from its rapid pace earlier this year, grocery prices continue to rise, putting Americans in a pinch, according to newly released federal inflation data.

The U.S. Bureau of Labor Statistics released the monthly Consumer Price Index report, which showed prices rose 0.1% in November, less than experts predicted, contributing to a 7.1% increase in the past 12 months.

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Average American Family Has Effectively Lost $7,100 Under Biden, Economist Says

An economist says the average American family has effectively lost more than $7,000 due to inflation and higher interest rates since President Joe Biden took office.

The consumer price index, a key inflation measure, increased 0.1% in November, up 7.1% from November 2021, the U.S. Bureau of Labor Statistics reported Tuesday. The figure marks a slowdown in rampant inflation, but not a reversal of the trend that has caused prices for everyday goods like food and gas to ratchet up in recent months.

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White House to Go on Offensive Against GOP as Gas Prices Drop

The average price for a gallon of gas has fallen below what it was one year ago, and the White House is preparing to go on the offense politically as consumers see more money in their pockets ahead of the holidays. The administration argument? Thank President Biden.

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Commentary: Biden Admin Blames the American People for its Own Ludicrous Spending

Last week, Treasury Secretary Janet Yellen blamed the American people for the 40-year high inflation we have been enduring.

Appearing on “The Late Show with Stephen Colbert,” she said that Americans “were in their homes for a year or more, they wanted to buy grills and office furniture, they were working from home, they suddenly started splurging on goods, buying technology.” According to her, this consumer “splurging” caused prices to rise so much.

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Key Inflation Metric Shows High Prices Aren’t Going Anywhere

Wholesale prices beat expectations in November, a sign that inflation might not fall as quickly or steeply as previously hoped, according to CNBC.

Producers and businesses saw prices rise 0.3% from October, with so-called “core prices” rising 0.4% when the more volatile food and energy sectors were discounted, according to the Bureau of Labor Statistics (BLS). With both measures expected to rise by just 0.2%, as well as a 3.3% increase in food costs offsetting a 3.3% decline in energy costs, producers prices are still set to remain well above pre-pandemic levels, even though they have fallen from the 11.7% year-over-year surge seen in March, CNBC reported.

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Inflation Slows, but Americans Still Feel It

Inflation has slowed from its rapid growth in the past two years, but surveys show Americans are still feeling the pain from the jump in prices.

Gallup released new polling data Tuesday showing that 55% of those surveyed say inflation is causing financial hardship for their household. Notably, 13% of Americans say inflation has caused their families “severe hardship.”

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Commentary: Don’t Give an Inch on the Debt Ceiling

The dust has barely settled from the contentious midterms, and the battle lines are already being drawn for the next legislative fight in Washington: the debt ceiling. With the nation at unprecedented levels of indebtedness, the choice in this fight is a stark one: a path toward stability or fiscal Armageddon.

If that sounds hyperbolic, consider the following facts about America’s finances.

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Commentary: A Blueprint for Tackling America’s Crippling National Debt

Our debt is too large. Inflation is too high. We rarely pass a budget anymore — this year neither Budget Committee even bothered to come up with one. This is how great nations become weakened nations, and with all the threats on the world stage, it is urgent we make a change now.

What we need is a budget that changes our fiscal trajectory away from one where the debt is growing faster than the economy, to one where it is stabilized and then gradually brought down.

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Commentary: Don’t Be Fooled by October’s Decrease in the Rate of Inflation

October’s Consumer Price Index, the measure of the national rate of inflation, was at 7.7 percent in October, compared to a reading of 8.2 percent in September. The report propelled “U.S. stocks forward [at the open] and sent Treasury yields tumbling as Wall Street weighed the implication of softer prints on Federal Reserve policy.”

The decline in the rate of inflation was driven by declining annual prices of “necessities” such as smartphones (-22.9 percent), admission to sporting events (-17.7 percent), televisions (-16.5 percent), and women’s outerwear (-1.4 percent), all items that are discretionary purchases.

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Farm Bureau Survey Finds Thanksgiving to Be the Most Expensive Yet as Cost Rises 20 Percent

Thanksgiving dinner will cost 20% more this year compared to last year, according to a Farm Bureau survey published Wednesday, with the market signaling record-high prices for the second year in a row.

The average cost to feed 10 people for Thanksgiving will be $64.05, or under $6.50 per person, the Farm Bureau said. This is a $10.74 or 20% cost increase from 2021’s average of $53.31, which was also a record high at the time, according to historical data.

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Commentary: Even Corporate Media Is Calling Out Biden’s Absurd Economic Fairytales

With only days left until the midterm elections, the advertising blitz from the political spin doctors has reached a fever pitch and the sound bites we’re hearing aren’t very sound, especially the ones from the White House on the economy. But heated rhetoric is hardly a replacement for facts and figures so, to borrow a phrase from the show Dragnet, let’s discuss “just the facts, ma’am.”

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Georgia Department of Transportation Awarded $91.4 Million in Projects for September

The Georgia Department of Transportation awarded more than $91.4 million for 22 projects in September, officials said.

Nearly half (47.8%) went to bridge projects, while about a third (31.8%) went to resurfacing projects. An additional 19.2% went to safety projects, while 1.1% went to widening and reconstruction projects.

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Inflation, Supply Chain Woes Raise Costs for Georgia Road Projects

Inflation is driving up the cost of road projects in Georgia, with some project bids more than 40% higher than projected.

As a result, Georgia Department of Transportation officials have rejected some high bids and deferred resurfacing projects for the last six months.

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New Poll Smothers Democrats’ Hopes That Abortion Can Thwart a Red Wave

Abortion is not a top priority for female voters and most women support abortion limits that would have been considered unconstitutional under the Roe v. Wade precedent, a new poll found, dashing Democrats’ hopes of an electoral advantage over abortion.

Inflation was about four times as likely to be listed as the most important issue for female respondents compared to abortion, with only 54% saying abortion was very important in determining their vote compared to 74% for inflation, according to the RMC Research/America First Policy Institute poll shared exclusively with the Daily Caller News Foundation. The polling cuts against a common Democratic talking point: that overturning Roe would be an electoral boon for Democrats as pro-abortion voters, and women in particular, flocked to the polls in November.

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Georgia Democrat Stacey Abrams on Why Abortion Is Necessary: ‘Having Children Is Why’ You’re Worried About Food and Gas Prices

Georgia Democrat gubernatorial hopeful Stacey Abrams said Tuesday access to abortion is necessary because “having children is why you’re worried about your price for gas … how much food cost.”

“You can’t divorce being forced to carry an unwanted pregnancy from the economic realities of having a child,” she told MSNBC’s Morning Joe.

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IRS Makes Highest Deductible Hike on Record Due to Inflation

The Internal Revenue Service (IRS) increased the individual tax deductible for 2023 at the highest rate in more than 35 years due to inflation.

Individual tax deductibles increased by $900 to $13,850, up $1,800 to $27,700 for married couples filing jointly, a roughly 7% increase compared to tax year 2022, the IRS announced Tuesday. This increase is the largest hike since 1985, when tax brackets were first tied to inflation, The Washington Post reported.

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Abrams Suggests Abortion Is ‘Economic Imperative,’ Particularly Now amid High Inflation

Stacey Abrams on Wednesday implied that abortion can and is used by women to help keep costs down amid rising inflation.

During an interview on MSNBC with “Morning Joe’s” host Mike Barnicle remarked that abortion “nowhere reaches the level of interest to voters” as does sky-high inflation prices for groceries, gas and other consumer products.

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Americans Cut Back on Groceries Because of Inflation

Newly released polling data shows that inflation is causing most Americans to cut back at the grocery store. 

Morning Consult released the survey results, which showed that 82% of American shoppers report trying to save on groceries in the last month because of inflation with more and more Americans simply buying less at the store.

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Real Retail Spending Fell in September as Inflation Pinches Consumers

Retail spending held steady in September compared to August, but fell adjusted to inflation as consumers spent more on essentials, The Wall Street Journal reported Friday.

Despite the fact that consumers spent roughly the same as they did in August, $684 billion, according to the U.S. Census Bureau, these results are not adjusted for inflation, which rose 0.4% on a monthly basis in September, indicating that consumers were getting less value from their spending, according to CNBC. For example, spending at bars and restaurants grew by 0.5% in September, but prices at the same establishments increased by 0.9%, the WSJ reported.

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Inflation Is Number One Concern for Struggling Small Businesses

Newly released polling data shows inflation is a top concern for small businesses as prices continue to rise.

The National Federation of Independent Business released the survey, which shows that 30% of owners named inflation as the single-most important problem in running their business.

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Social Security Cost-of-Living Adjustment Gets Biggest Bump in Decades to Keep Up with Inflation

The Social Security Administration (SSA) announced the largest increase to the Social Security cost-of-living adjustment in over three decades due to high inflation.

The SSA announced that supplemental income benefits, which are paid to beneficiaries in addition to their regular benefits to offset inflation and other unexpected costs, would increase by 8.7%. This would, on average, increase benefits by $140 per month for most beneficiaries, beginning in January of 2023.

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Key Inflation Metric Doubles Expectations with Core Prices Still High

Wholesale inflation exceeded economists’ expectations year-over-year in September, according to the Bureau of Labor Statistics’ (BLS) Producer Price Index (PPI), with core prices staying high despite efforts from the Federal Reserve to rein in inflation.

The index increased 0.4% for the month, while the Dow Jones had only estimated a 0.2% gain; prices rose 8.5% year-on-year for final demand goods and services, down from 8.7% in August but higher than expectations of an 8.4% increase, according to the BLS. Final demand prices not including food and energy, or “core” prices, rose 7.2% year-on-year in September.

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Trump Strongly Hints He May Run for President Again at Arizona Rally for MAGA Candidates

Former president Donald Trump held a Save America rally in Mesa, Arizona on Sunday afternoon to support the MAGA slate of candidates he’s endorsed in the state and to talk about the attacks he’s under. He dropped multiple hints at Mesa’s Legacy Sports Park that he may be running for president again in 2024.

Trump said, “We’ll be making a decision soon. I think everyone is going to be really happy.” He added later during the event that he got more votes in 2020 “than any sitting president in history. Now we may just have to do it again. Stay tuned.”

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Report: Wages Took Their Worst Hit in 25 Years

More than half of Americans saw their wages fail to keep up with inflation between the second quarters of 2021 and 2022, according to researchers from the Federal Reserve Banks of Dallas and Cleveland in a report published Tuesday.

On average, over the past 25 years, just 44.6% of employees saw their real wages decline over 12 months, with the second quarter 2022 rate of 53.4% being the most aggressive since 2011, the researchers reported in a Dallas Fed-published article. Of those who saw their wages decline, the median decline was 8.6%, much higher than the average median decline of 6.5% seen in the past 25 years, the typical range of which is a 5.7% to 6.8% decline.

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Poll: Americans Say Grocery Prices Will Affect Their Vote in November

High grocery prices are top-of-mind for voters with a little over a month until the midterm elections, according to a new poll. 

Convention of States Action, along with Trafalgar Group, released the poll, which found that 68.3% of surveyed voters say that the “increase in the price of groceries is impacting their motivation to vote in the 2022 election.”

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As Inflation Rages On, More Americans Are Living Paycheck to Paycheck

As inflation continues to batter consumers, the number of Americans living paycheck to paycheck climbed to 60% in August, according to a Friday report from financial services company LendingClub.

The increase, up from 57% in September 2021, was driven primarily by a greater portion of six figure earners slipping into a paycheck-to-paycheck lifestyle, according to the LendingClub report. While the proportion of those earning less than $50,000 and those between $50,000 and $100,000 living paycheck to paycheck stayed roughly the same, at 73.6% and 62.4% respectively, earners between $100,000 and $150,000 saw a more than 6.5% increase to 43.8% living paycheck-to-paycheck.

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Inflation Rose More than Expected in August, Federal Data Shows

Inflation rose more than expected in August, leaving Americans facing even higher prices on a range of everyday purchases, according to newly released federal inflation data.

The Bureau of Economic Analysis released the pricing data, which showed the Personal Consumption Expenditure excluding food and energy, a key marker of inflation, rose 0.6%, higher than expected by Dow Jones.

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Military Subsidizes Service Members’ Grocery Bills amid Higher Prices

The U.S. Department of Defense is taking new measures to help U.S. service members deal with rising costs as inflation continues to put the pressure on Americans.

Air Force Brigadier General Pat Ryder laid out a series of changes from Defense Secretary Lloyd Austin to help families deal with the recent rise in costs, particularly in food, housing and childcare.

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Stores Implementing New Ideas to Keep Up with Inflation

Financial executives across the retail industry have been forced to adjust strategies to account for customer expectations as inflation puts pressure on outlets, The Wall Street Journal reported Friday.

Major retailers, including Macy’s and Target, who used discounts to clear excess inventory after overestimating demand for their products following a wave of pandemic-era retail spending, are being forced to develop strategies, such as reducing the size of bundles or subtly cutting down on discounts, to entice customers while protecting profit margins, the WSJ reported. Dollar stores have gained popularity as consumers struggle with inflation and — in tandem with the more aggressive discounting campaign by retailers — customers’ heightened demand for value has left some retailers concerned that customers might start to expect discounts that damage profits.

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Commentary: States Are Showing Washington How to Relieve Inflation

Inflation continues to be the top concern for American voters going into the midterm elections. But rather than advancing responsible policies that will tame inflation, the federal government continues to pursue tax and spending plans that will raise the federal deficit, undermine growth, and do nothing to lower prices.

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Fed Hikes Interest Rates for Third Time in Four Months

The Federal Reserve has raised target interest rates by 75 basis points for the third time this year following a Wednesday meeting of the Federal Open Market Committee.

The new target range for the federal funds rate is anywhere between 3% to 3.35% up from the current 2.37%, making it the most aggressive hike since the early 1980s. The Federal Reserve is expected to continue this trend into March of 2023 as an attempt to curb ongoing increases in inflation, CNBC reported.

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Gas Prices Rise for First Time Since June

Following nearly 100 days of declines, gas prices rose slightly Wednesday, and are forecasted to change little in the near future.

The national average price rose by about a cent to $3.68, snapping a 98-day streak of declines since prices peaked at $5.02 in mid-June, according to data from the American Automobile Association (AAA). A slight increase was expected to occur soon after prices fell only four cents last week, the smallest decrease in months, which the AAA attributed to the impacts of “war, COVID, economic recession, and hurricane season,” in a statement Monday.

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