This spring, Dr. Mehmet Oz, who’s running for US Senate as a Republican in Pennsylvania, filmed himself in the produce aisle of a Redner’s grocery store as he shopped for “crudité” ingredients. The video, which resurfaced this week, was intended to spotlight high inflation under a Democrat-controlled federal government. Instead, it has been widely lampooned due to the multi-millionaire’s less-than-convincing performance as an everyman experiencing sticker shock at the cost of asparagus. But however out of touch parts of the video were, it did tap into a reality that has hit many Americans hard: rising prices.
It can be difficult to fully grasp just how much prices have risen—and why. And it might feel like a few cents here and there don’t add up to all that much. But they do. To the tune of an average $460 per month versus last year, according to Moody’s Analytics economic analyst Ryan Sweet.
1. Gas
How expensive is it?
In June, the average price of gas in the US surpassed $5 for the first time in history. That grim milestone wreaked havoc on household budgets—and not just because car owners were now stuck paying more than ever to commute. Skyrocketing gas prices affect everyone, regardless of driving habits, because they’ve led companies that produce goods to inflate their own prices to cover higher shipping and transportation costs, passing on the higher expenses to their customers.
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