Consumer Price Index 2022: The 7 Biggest Prices Increases So Far

  • The June Consumer Price Index (CPI) report showed more than 9.1% inflation.
  • Prices were largely propped up by categories like energy and food, which have endured supply bottlenecks.
  • Oil costs in particular broke records in June, recording their highest year-over-year (YOY) price jump ever.


Empty grocery cart in a grocery store aisle. Consumer goods.
Source: gyn9037 / Shutterstock

The monthly Consumer Price Index (CPI) report offers U.S. investors, economists and consumers insight into price fluctuations across the country. For 2022, rampant inflation has largely defined the year, in a number of major consumer categories. Still, though nigh-inescapable across all industries, inflation hasn’t exactly been balanced in its distribution.

The June CPI report reflected a staggering 9.1% price increase in consumer prices from the same month in 2021, the largest year-over-year (YOY) increase in four decades. Russia’s war against Ukraine has amplified already extraneous upward pricing pressure stemming from the pandemic. As many companies enjoyed their highest share prices ever — largely driven by strong earnings reports — inflation began rearing its ugly head.

Now, even as the Federal Reserve enacts aggressively hawkish monetary policy, prices have yet to ease. The central bank has already repeatedly raised interest rates and dropped billions worth of bonds off its balance sheet. Despite this, inflation only continues to gain.

Americans collectively jeered as gas prices soared to their highest level in U.S. history just a few months ago. Items like bread and poultry are experiencing similar price elevations. But this begs the question: what are the most inflated expenditure categories in the CPI report for June?

7 Biggest Prices Increases in the June Consumer Price Index Report

  1. Perhaps with little surprise, fuel oils was the single most inflated expenditure category for urban consumers. The oil shortage stemming from Russia’s invasion of Ukraine has pushed oil up more than 70% from June 2021. It’s actually the largest leap in price the category has ever seen. It’s also the main driver behind the broader energy category’s nearly 42% leap.
  2. Motor fuel, including gasoline, was the next most inflated good in June. Like oil, it has taken a major blow from the Russia-Ukraine conflict, up 60% YOY.
  3. Utility (piped) gas service comes as the next most price-gouged expenditure, increasing 38% over the past 12 months.
  4. Up next is motor vehicle parts and equipment, which increased 14.9% from June 2021. That’s the largest change ever for the category, overtaking April’s 14.5% jump.
  5. When the cost of fuel goes up, electricity prices tend to come along for the ride. This is exactly what the CPI reflects, with electricity as the fifth most inflated consumption category, ramping up 13.7% YOY.
  6. As much as people love to harken on gas prices, the global wheat shortage has substantially raised prices at grocery stores, too. The “food at home” CPI category largely reflects the shortage, up 12.2% YOY.
  7. Finally — and perhaps most surprisingly — new vehicles was the seventh most inflated expenditure category. It may come as a surprise, given fuel costs in the country, but the demand for new cars in particular has surged this year.

On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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