The nationwide average for gasoline prices approached $3.74 a gallon Thursday, continuing a steady rise for the 23rd consecutive day, according to the motorist group AAA. The average price rose 0.7 cent a gallon in the latest 24-hour period, AAA said. A month ago, the nationwide average was $3.44 a gallon. Gas prices are up 14% so far in 2012. The average price is down 37.6 cents, or about 9.1%, from the record high of $4.11 on July 17, 2008. Average prices for regular gasoline top $4 a gallon in California, Alaska and Hawaii, with Hawaii’s price of just above $4.35 a gallon standing as the nation’s high. Prices are within a nickel of the $4 mark in New York and Connecticut, according to AAA.
AAA
Inflation picked up slightly last month, as rising gas prices took a bigger bite out of consumers’ wallets.The government’s key measure of inflation, the Consumer Price Index, showed prices rose 0.2% from December to January, slightly weaker than the 0.3% increase economists had predicted. Rising prices at the gas pump were a key factor, increasing 0.9% during the month, the Labor Department said. Improving U.S. economic data, including stronger job growth, and tension with Iran have been driving the price of oil and gasoline higher. Gas prices ended last month at a national average of $3.443 a gallon, according to the AAA Fuel Gauge Report.
Jared Anderson
Conway Irwin
Peter Gardett