Inflation check: Gas, cars, truck prices rising
Consumer prices rose 5.4% in July as producer prices soared 7.8%
Former Heinz CEO argues inflation 'not transitory' for consumers
Former Heinz CEO Bill Johnson warns that inflation is having a 'huge impact' on 'simple things, like container costs coming out of Europe or China.'
Inflation reared its ugly head this week as year-over-year consumer and producer prices jumped notably.
The Consumer Price Index rose 5.4% in July, matching the prior month's gain as the fastest since August 2008, while prices at the producer level jumped 7.8%, the most on record, according to the U.S. Bureau of Labor Statistics.
FOX Business digs into the numbers to see what consumers are paying up for.
PRODUCER PRICES RISE THE MOST ON RECORD IN JULY
INSIDE THE CPI Report:
Gasoline Prices +41.8%
(iStock / iStock)
The index for gasoline rose by 2.4% in July after rising by 2.5% in June.
The index for natural gas also showed an increase of 2.2% following a 1.7% increase in both May and June.
Used Car & Truck Prices +41.7%
The index for used cars and trucks showed an increase of 0.2% in July following an increase of at least 7.3% in April, May and June.
CAR PART PRICES ARE HEADING HIGHER
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Prices of Major Appliances+12.3%
Home kitchen appliances (iStock / iStock)
The index for major appliances rose by 0.9% in July following an increase of 2.7% in June.
INFLATION HITS HOME APPLIANCE INDUSTRY, CONSUMERS PAY UP
Car & Truck Rental Costs +73.5%
Car exiting the empty car rental area at Hertz at Miami International Airport (Photo by: Kike Calvo/Universal Images Group via Getty Images)
The index for car and truck rental costs declined by 4.6% in July following an increase of 5.2% in June.
Airline Fares +19%
Travelers make their way through ticketing and TSA inspection as Pennsylvania remains under restrictions for work and travel at Pittsburgh International Airport on May 7, 2020, in Pittsburgh. (Photo by Jeff Swensen/Getty Images)
The index for airline fares declined by 0.1% in July after showing a sharp increase in recent months.
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Hotel & Motel Costs +24.1% in July From a Year Ago
HotelPlanner and Reservations.com are nearing a deal to merge and go public through a special-purpose acquisition company, people familiar with the matter said.
The index for hotels and motels rose by 6.8% in July after showing an increase of 7.9% in June.