Greeley Tribune, Greeley Tribune News, Greeley Tribune Sports

Bay Area Gasoline Prices Reach High: Coveed Economy Snapshot

Petrol prices skyrocketed in the Bay Area during September, according to a new government report released on Wednesday, a forbidden sign that inflation is plaguing the region.

The U.S. Bureau of Labor Statistics reported Wednesday that Bay Area petrol prices rose 35.2 percent in the one-year period ending in September. The increase is based on a price index compiled by a federal agency.

So far in 2021, petrol prices have risen 36.4 percent, according to an analysis of the news agency’s federal report.

The government did not release the overall inflation rate for the Bay Area on Wednesday. The Federal Labor Agency issues Bay Area Consumer Price Prices every other month. The next comprehensive report on Bay Area Inflation will be scheduled sometime in November.

The current jump in petrol prices is largely due to higher gas prices in 2020 and early 2021.

Economic activity and the elimination of driving vehicles led to a sharp rise in Bay Area petrol prices during 2020.

In 2021, with the increase in economic activity and car travel, petrol prices began to rise. But a modest increase in early 2021 has turned into a long-term surge that could help drive up inflation on a large scale.

Some experts say that it is not surprising that 2021 gas prices have risen compared to 2020 because last year’s prices fell due to the corona virus.

But the same argument cannot be made when comparing 2021 to 2019.

%d bloggers like this: