SALT LAKE CITY — Inflation hit its highest annual rate since 1982 in December of 2022, rising 7% on average over the previous year.
The average is based on products tracked by the Bureau of Labor Statistics, and rates of inflation are dramatically different between broad sectors and the subcategories within them.
First the broad sectors. You’ll notice the arrows begin at 7% and then show the difference between that average and the specific level of inflation for each category.
You can see the energy sector is driving inflation more than any other.
Inflation is impacting ever all categories of food, but most at lower levels than the overall average.
The broad category of all other products only includes three sub-categories with inflation above seven percent. They are new vehicles, used vehicles and tobacco.