When the prices of goods and services rise, inflation causes concern because it erodes consumers’ purchasing power. Inflation includes the prices faced by consumers for transportation, as measured by the Consumer Price Index (CPI) for items such as motor vehicles, gasoline, and airfares. It also includes the transportation costs, as measured in the Producer Price Index (PPI), that manufacturers, wholesalers, and retailers pass onto consumers in the prices they charge for their goods and services.
In September 2022, the overall transportation CPI rose 12.6% from September 2021. That is the lowest year-over-year increase since March 2021.
After steadily increasing since