Special Report

Here's How Inflation Compares to Gas Prices Every Summer in America

gasoline pump
jovannig / iStock via Getty Images

Efforts by the Federal Reserve Bank to tame inflation appear to be working. After climbing to a 41-year high of 9.1% in June of 2022, the rate on the closely watched consumer price index  dropped to 3.7% in August. A major component of the CPI is the price of gasoline, and while consumers are not seeing the all-time highest prices at the gas pump, the cost of gasoline continues to be volatile. (These are the states where inflation is stressing people out the most.)

To identify the inflation rate and the price of gas every summer over the last 30 years, 24/7 Wall St. reviewed consumer price index releases from the Bureau of Labor Statistics for each August between 1993 and 2023. The average nationwide price for all grades of retail gasoline came from the Energy Information Administration

Motorists will probably have to dig deeper in their wallets to keep their vehicles on the road as we head into the final months of 2023. Fears of inflation are fading, and developing nations are seeking more oil. The extension of Saudi and Russian oil cuts has boosted the price of the benchmark Brent crude to more than $90 a barrel.  

Even though the worst of inflation appears to be behind us, higher gasoline prices are not. Gas prices accounted for more than half of August’s 0.6% increase in the price of goods and services from July, according to Labor Department data released this week. And according to AAA, the price of diesel fuel at the pump soared 48 cents a gallon since July, while gasoline rose 9 cents. 

The average gasoline price this past August was the second-highest ever for that month. The highest gasoline price ever in August was in 2022, when it was $$4.09 a gallon, the first time the average price had climbed above $4. The most expensive gasoline prices in August have occurred over the last three years. (Also see, states with the lowest and highest gas taxes.)

Today’s gasoline price is a far cry from the average in August 1998, when it was $1.07 a gallon.

August, 2023
> Consumer price index: 307.0
> Year-over-year change: 3.7% – #6 highest on list
> Avg. gas price per gallon: $3.95 – #2 highest in 30 years

[in-text-ad]

romrodinka / Getty Images

August, 2022
> Consumer price index: 296.2
> Year-over-year change: 8.3% – #1 highest on list
> Avg. gas price per gallon: $4.09 – #1 highest in 30 years

Alex Wong / Getty Images

August, 2021
> Consumer price index: 273.6
> Year-over-year change: 5.3% – #3 highest on list
> Avg. gas price per gallon: $3.26 – #8 highest in 30 years

flyparade / Getty Images

August, 2020
> Consumer price index: 259.9
> Year-over-year change: 1.3% – #26 highest on list
> Avg. gas price per gallon: $2.27 – #19 highest in 30 years

[in-text-ad-2]

Anthony Kwan / Getty Images

August, 2019
> Consumer price index: 256.6
> Year-over-year change: 1.7% – #21 highest on list
> Avg. gas price per gallon: $2.71 – #14 highest in 30 years

Justin Sullivan / Getty Images

August, 2018
> Consumer price index: 252.1
> Year-over-year change: 2.7% – #12 highest on list
> Avg. gas price per gallon: $2.91 – #10 highest in 30 years

[in-text-ad]

NASA / Getty Images

August, 2017
> Consumer price index: 245.5
> Year-over-year change: 1.9% – #19 highest on list
> Avg. gas price per gallon: $2.49 – #17 highest in 30 years

Scott Olson / Getty Images

August, 2016
> Consumer price index: 240.8
> Year-over-year change: 1.1% – #28 highest on list
> Avg. gas price per gallon: $2.28 – #18 highest in 30 years

NASA / Getty Images

August, 2015
> Consumer price index: 238.3
> Year-over-year change: 0.2% – #29 highest on list
> Avg. gas price per gallon: $2.73 – #13 highest in 30 years

[in-text-ad-2]

Sean Gallup / Getty Images

August, 2014
> Consumer price index: 237.9
> Year-over-year change: 1.7% – #22 highest on list
> Avg. gas price per gallon: $3.57 – #7 highest in 30 years

Michael Buckner / Getty Images

August, 2013
> Consumer price index: 233.9
> Year-over-year change: 1.5% – #25 highest on list
> Avg. gas price per gallon: $3.65 – #6 highest in 30 years

[in-text-ad]

Peter Macdiarmid / Getty Images

August, 2012
> Consumer price index: 230.4
> Year-over-year change: 1.7% – #23 highest on list
> Avg. gas price per gallon: $3.78 – #4 highest in 30 years

Majid Saeedi / Getty Images

August, 2011
> Consumer price index: 226.5
> Year-over-year change: 3.8% – #5 highest on list
> Avg. gas price per gallon: $3.70 – #5 highest in 30 years

Chris Graythen / Getty Images

August, 2010
> Consumer price index: 218.3
> Year-over-year change: 1.1% – #27 highest on list
> Avg. gas price per gallon: $2.78 – #12 highest in 30 years

[in-text-ad-2]

Alex Wong / Getty Images

August, 2009
> Consumer price index: 215.8
> Year-over-year change: -1.5% – #30 highest on list
> Avg. gas price per gallon: $2.67 – #15 highest in 30 years

Spencer Platt / Getty Images

August, 2008
> Consumer price index: 219.1
> Year-over-year change: 5.4% – #2 highest on list
> Avg. gas price per gallon: $3.83 – #3 highest in 30 years

[in-text-ad]

David Paul Morris / Getty Images

August, 2007
> Consumer price index: 207.9
> Year-over-year change: 2.0% – #18 highest on list
> Avg. gas price per gallon: $2.83 – #11 highest in 30 years

Wathiq Khuzaie / Getty Images

August, 2006
> Consumer price index: 203.9
> Year-over-year change: 3.8% – #4 highest on list
> Avg. gas price per gallon: $3.00 – #9 highest in 30 years

August, 2005
> Consumer price index: 196.4
> Year-over-year change: 3.6% – #7 highest on list
> Avg. gas price per gallon: $2.53 – #16 highest in 30 years

[in-text-ad-2]

Chris Jackson / Getty Images

August, 2004
> Consumer price index: 189.5
> Year-over-year change: 2.7% – #13 highest on list
> Avg. gas price per gallon: $1.92 – #20 highest in 30 years

Scott Barbour / Getty Images

August, 2003
> Consumer price index: 184.6
> Year-over-year change: 2.2% – #17 highest on list
> Avg. gas price per gallon: $1.66 – #21 highest in 30 years

[in-text-ad]

Mark Wilson / Getty Images

August, 2002
> Consumer price index: 180.7
> Year-over-year change: 1.8% – #20 highest on list
> Avg. gas price per gallon: $1.44 – #24 highest in 30 years

Mark Wilson / Getty Images

August, 2001
> Consumer price index: 177.5
> Year-over-year change: 2.7% – #11 highest on list
> Avg. gas price per gallon: $1.46 – #23 highest in 30 years

NASA / Getty Images

August, 2000
> Consumer price index: 172.8
> Year-over-year change: 3.4% – #8 highest on list
> Avg. gas price per gallon: $1.51 – #22 highest in 30 years

[in-text-ad-2]

USAF / Getty Images

August, 1999
> Consumer price index: 167.1
> Year-over-year change: 2.3% – #15 highest on list
> Avg. gas price per gallon: $1.26 – #26 highest in 30 years

Space Frontiers / Getty Images

August, 1998
> Consumer price index: 163.4
> Year-over-year change: 1.6% – #24 highest on list
> Avg. gas price per gallon: $1.07 – #30 highest in 30 years

[in-text-ad]

Doug Pensinger / Getty Images

August, 1997
> Consumer price index: 160.8
> Year-over-year change: 2.2% – #16 highest on list
> Avg. gas price per gallon: $1.27 – #25 highest in 30 years

Jeff J Mitchell / Getty Images

August, 1996
> Consumer price index: 157.3
> Year-over-year change: 2.9% – #10 highest on list
> Avg. gas price per gallon: $1.25 – #27 highest in 30 years

Public Domain / Wikimedia Commons

August, 1995
> Consumer price index: 152.9
> Year-over-year change: 2.6% – #14 highest on list
> Avg. gas price per gallon: $1.17 – #28 highest in 30 years

[in-text-ad-2]

Phil Cole / Getty Images

August, 1994
> Consumer price index: 149.0
> Year-over-year change: 2.9% – #9 highest on list
> Avg. gas price per gallon: $1.16 – #29 highest in 30 years

Want to Retire Early? Start Here (Sponsor)

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.