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Sunday, October 17, 2021

Bay Area gasoline prices stay sky-high: COVID economy snapshot

Gas prices in the Bay Area soared sky-high in September, according to a new government report released Wednesday. This is a taboo hint that inflation continues to haunt the region.

The US Bureau of Labor Statistics said Wednesday that unleaded gasoline prices in the Bay Area rose a whopping 35.2% for the year ending in September. The increase is based on a federal agency price index.

A federal report analysis by the news organization shows that gasoline prices rose 36.4% in 2021.

On Wednesday, the government did not release headline inflation in the Bay Area. The Federal Labor Agency issues a Bay Area consumer price report every two months. The next comprehensive Bay Area inflation report is slated for November.

The current surge in gasoline prices is not only a result of comparisons with severely undervalued gas prices for much of 2020 and early 2021.

The collapse of economic activity and driving of vehicles triggered a sharp drop in gasoline prices in the Bay Area in 2020.

In 2021, gasoline prices began to rise due to increased economic activity and car travel. But the modest growth in early 2021 has turned into a prolonged spike that could fuel widespread inflation.

Some experts point out that it should come as no surprise that gas prices in 2021 will be higher than in 2020, as prices plummeted last year due to the coronavirus.

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But the same argument cannot be made when comparing 2021 to 2019. 2019 is considered relevant because it was the last full year that the economy was healthy and not plagued by coronavirus-related illnesses.

World Nation News Deskhttps://www.worldnationnews.com
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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