A costly summer sendoff approaches
Summary
Gasoline prices are expected to be the highest ever during the Labor Day weekend, with prices over $4 per gallon. This increase, combined with higher costs for airfare and beef, is raising travel and food expenses for many Americans.Key Facts
- Labor Day gas prices are predicted to break the previous record set in 2012.
- The national average gas price in August was $4.07 per gallon, higher than last year’s record.
- Diesel fuel prices also reached a new high, affecting many industries.
- A growing number of Americans, 79%, believe gas prices are rising, up from 38% six months ago.
- Airfare for popular Labor Day destinations is about 20% more expensive than last year.
- Around 17 million travelers are expected at U.S. airports over Labor Day week.
- Ground beef prices are up 10% from last year, costing $6.89 per pound in July.
- Higher energy and food costs may affect household budgets and political discussions leading up to the midterm elections.
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