1) The cost of rental cars. For example, in 2018, I rented a car for 7 days at the daily cost of $33.01 @ day. (All of the costs that I will be referencing includes taxes and fees) In 2020, the cost was $46.38 @ day for a 6 day rental. Compare that to June 2022, where the rental rate was $82.40 @ day for a 9 day rental!
2) Gas prices. Continuing the trip examples above, in 2018 the cost of a gallon of gas averaged $2.52. In 2020, the average was $2.17 (Pandemic + supply exceeded demand). In June, 2022, the average cost of a gallon of gas was $4.96!
Now anyone who has purchased anything in the last year realizes that these are not the only areas impacted by the surge of inflation that we are currently experiencing. Grocery prices in 2022 are averaging over 7.8% higher than 2021. In fact if you've attempted to purchase electronics, cars, food, and even homes you have been impacted by the product and employee shortgages, as well as the disruption to shipping around the world.
But let's drill down and take a closer look at gas prices to see what is driving costs so high.