Pump Patrol: Gas prices see nearly 60% increase compared to last year
A new Consumer Report shows inflation trends that may risk a recession as prices for every day essentials continue to skyrocket, including gas.
The New York City average is $4.80, compared to last year when it was only $3.28.
A new Associated Press report showed that inflation trends in the last month have been the highest in four decades. Gas prices alone have seen a nearly 60% increase compared to a year ago.
There have also been increases in food and rent costs, putting pressure on the federal reserve to possible raise interest rates again.
Economists are hopeful that we may be nearing the end of these record inflation trends as gas prices have been falling since last month.
According to GasBuddy, the best price in the Bronx is at Atlantis Fresh Market at $4.35. In Brooklyn, it is at the Pure Energy on Malcolm X Boulevard at $4.45.