PanamaTimes

Tuesday, May 21, 2024

How inflation is impacting commuter costs

How inflation is impacting commuter costs

While the national average price of unleaded gas fell to just below $4 a gallon on Wednesday and Thursday following record highs driven by inflation not seen in 40 years, prices are still much more than they were a year ago.

America's commuters have been seeing the effects – at the pump and at home.

In July, AAA published data that found nearly 64% of adults have changed their driving habits or lifestyle since March.

The top three changes since prices have increased included driving less, combining errands, and reducing dining out or shopping.

The federation of motor clubs said that more than 76% of Americans commute by car.

While people who take public transportation might not have been directly impacted by increasing gas prices, rising costs in other areas could impact their ability to afford that fare.

Annual inflation in the U.S. decreased last month, although the monthly rate remained unchanged after rising in June.

The Bureau of Labor Statistics said the Consumer Price Index (CPI) decreased to 8.5% annually.

A motorist fills up the tank on July 22, 2022, in Saratoga, Wyoming, Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it rea


Low-income families have been the hardest hit by rising housing and transportation prices – according to the Brookings Institution’s Affordability Index – and the Economic Policy Institute found that just 16.2% of Latino workers and 19.7% of Black workers were able to work from home in 2020, compared with 37% of Asian workers and 29.9% of non-Hispanic workers.

Gas prices listed at a petrol station in Los Angeles, California, on July 19, 2022.


Workers of color have a longer commute than White workers, regardless of income level, according to the National Equity Atlas.

The average worker commutes for nearly 27 minutes.

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