In July 2008 gas prices were at all time highs and the consumer price index was at 0.8% for the month. Since then, oil has fallen to lows it hasn’t seen in nearly 5 years and CPI has steadily decreased monthly to almost 0.2%.
In February the CPI increased back up to 0.4% for the month. The increase in the percentage came on the heels of an increase in the price of oil, which has been fluctuating between $40 and $47 a barrel for the last month and a half.
The price of oil is such a part of consumerism that it directly affects the cost of any goods or services we use or bring into our homes. So, even though hundreds of thousands of people are losing their jobs every month, because a group of oil tycoons across the world have made decisions to make themselves wealthier, everyone suffers.
