The Consumer Price Index, the general measure of inflation in the country, rose last month after several consecutive drops, led by a sudden spike in gasoline costs, according to Bloomberg. While the overall index rose by 0.6 percent, the price of gas rose by 12.3 percent. While other prices also increased—such as for groceries, which rose by 0.7 percent last month and have been 5.6 percent higher than they were this time last year—it was gas that served to skew the average. Excluding food and gas, prices rose by a more modest 0.2 percent over the past month.
These latest figures stand in stark contrast to previous developments. Just two months ago, the index actually dropped for the first time in years, raising concerns of a possible deflationary spiral. However, the Wall Street Journal said that as certain states reopen their economies to varying degrees, consumers have begun to spend once again, releasing pent up demand and introducing new money into the economy. The Journal added the caveat, though, that as new infections rise across the country, prices could once more fluctuate as governments reintroduce safety measures they had previously thought they could discard.