Thanks Trump: Inflation Just Tripled Thanks To Skyrocketing Gas Prices

It's no secret that, despite the numbers and what some economists and politicians say, the price of things has been increasing at what feels like an exponential rate over the last five years or so.

Inflation isn't a new concept, but like climate change, certain conditions cause things to accelerate the cause-and-effect reality quickly, which ends up being felt by the majority of society. This past month, that inflationary outcome was extremely present in the form of higher gas prices.

Thanks in part to the ongoing war in Iran that has cost US taxpayers an astounding $25-50 billion dollars—depending on which outlet is doing the estimating. Thanks in part to inflation in the wake of the Covid-19 pandemic, gas prices feel as unstable as ever. The factors at play seem to have had a snowball effect on one another, with the outcome being much more expensive fuel at the pump.

It hurts to read this, but according to the U.S. Bureau of Labor Statistics, inflation effectively tripled over the month of March. Direct from the report, the organization says that, "The fuel oil index increased 30.7 percent over the month, the largest monthly increase in the index since February 2000." Ouch.

The reality is substantial: AAA shows a current national average of $4.118 for a gallon of gas, versus $3.675 for a gallon this time last month. One year ago, the average was $3.184, about 30% lower than it is today. On the CPI side of things, inflation was 3.3% in March, with the price of gas pulling things up quite a bit. For reference, traditional monthly inflation is 0.9% give or take a tiny percentage, so the cost of gas helped triple the rate of inflation in March over February.

It's important to remember that gas prices fluctuate quite a lot based on the economy and geopolitical events alike. Yet this news is still disheartening, and it's being felt most by the people who can't really afford the added cost of living increases. Hopefully, things turn around soon, otherwise we might start seeing more $10/gallon fuel prices.

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