Quote:
Originally Posted by blankall
You don't look at the price just at a year ago. You look at the average over the year. Oil price also started to slide in May of 2022. So by 1 year ago, they were sliding. Any way you slice it, a month of increasing oil prices are going to add to inflation.
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For inflation, that's exactly what you look at. It's literally:
Average gas price in July 2022: $1.87/L
Average gas price in July 2023: $1.63/L
July 2023 annual inflation for gasoline: -13%
What it was in May 2022 is irrelevant. It could have been $100/L and it wouldn't change the July 2023 annual inflation reading for gasoline because that's based on only 2 numbers.