Inflation concerns: How much are prices going up for common items?

Consumer spending is measured using the federal government’s Consumer Price Index, or CPI. When that index increases it is called inflation.

Here are the average prices of a few of the commonly used items included in the CPI:

Item July 2022 price July 2021 price% Change
Eggs, grade A, large, per dozen $2.94 $1.64 79%
Flour, white, all purpose, per lb. $0.53 $0.37 45%
Gasoline, unleaded regular, per gallon $4.67 $3.23 44%
Coffee, 100%, ground roast, all sizes, per lb. $6.11 $4.56 34%
Utility (piped) gas per therm $1.63 $1.24 31%
Chicken, fresh, whole, per lb. $1.88 $1.44 31%
Spaghetti and macaroni, per lb. $1.35 $1.09 23%
Potatoes, white, per lb. $0.95 $0.78 22%
Oranges, Navel, per lb. $1.60 $1.35 18%
Electricity per kilowatt-hour $0.17 $0.14 16%
Sugar, white, all sizes, per lb. $0.79 $0.69 15%
Milk, fresh, whole, fortified, per gallon $4.16 $3.63 15%
Ice cream, prepackaged, bulk, regular, per 1/2 gallon $5.62 $4.94 14%
Ground beef, 100% beef, per lb. $4.89 $4.39 12%
Bread, whole wheat, per lb. $2.32 $2.10 10%
Cheddar cheese, natural, per lb. $5.86 $5.39 9%
Malt beverages, all types, all sizes, per 16 oz. $1.67 $1.54 8%
Bacon, sliced, per lb. $7.42 $6.86 8%
Bananas, per lb. $0.64 $0.59 8%

Here are five things to know about about the CPI:

1. The CPI increased 8.5% in July compared to July 2021, according to the U.S. Bureau of Labor Statistics. But the good news for the month is that prices were unchanged compared to June 2022, a sign that inflation is moderating.

2. It measures the average change over time in the prices paid by urban consumers for an established market basket of consumer goods and services.

3. The CPI is based on prices for food, shelter, clothing, fuel, transportation, medical services, drugs and other goods and services people use.

4. The baseline for the index is the 1982-1984 period, when the index was set at 100. The unadjusted index in July 2022 was 296.276, according to the BLS.

5. In July declines in gasoline prices offset increases in the cost of shelter and food.

SEE MORE to this story:

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