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August 10, 2022

Despite declining gas prices in CT, nationwide, inflation increased 8.5% in July

Eric Bedner / Journal Inquirer Matt Allegretti of Manchester fills up at the Big Y Express on Tolland Turnpike as Connecticut sees historic high gas prices.

Inflation increased 8.5% during the month of July, led by higher prices for food and shelter. 

However, the increase was down from June, when inflation hit a 40-year high, according to fresh data from the Department of Labor’s Bureau of Labor statistics. 

In June, the consumer price index increased 9.1% increase, BLS data shows.

On a monthly basis, CPI, which measures the change in prices paid by consumers for goods and services, was unchanged in July compared to a 1.3% increase in June, BLS data shows. 

The increase in July was lower compared to June due to falling energy prices. Specifically, the gasoline index fell 7.7% during the month and the overall energy index, which also includes the price of natural gas, declined 4.6%, BLS data shows.

The current average price of regular gas in Connecticut is $4.176, down 10.2% from a month ago, according to AAA. The average price of diesel fuel in the state is $5.30, down 9.9% from a month earlier, according to AAA. 

Those decreases were offset by increases in food (1.1%) and home prices (1.3%), BLS data shows. 

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