Inflation · CPI, over time
What was happening
1Gas reaches $4.11Jul 2008
Oil prices peak in July 2008 and the weekly U.S. gas price hits $4.11, a record at the time, before falling to $1.61 by the end of December. Source: U.S. Energy Information Administration ↗
2Oil prices collapseMid-2014
Global oil prices fall steeply; the weekly U.S. gas price drops from $3.71 in April 2014 to $1.72 in February 2016. Source: U.S. Energy Information Administration ↗
3Russia invades UkraineFeb 24, 2022
EIA says the invasion contributed to rising crude oil prices; the U.S. gas price peaks at $5.01 in June 2022. Source: U.S. Energy Information Administration ↗
4Fed begins raising ratesMar 16, 2022
The first of 11 rate increases through July 2023, aimed at inflation, which peaks at 9.1% in June 2022. Source: Federal Reserve Board ↗
5Broad new tariffs announcedApr 2, 2025
Executive Order 14257 sets a 10% tariff on most imports, with higher country-specific rates, several of which were later paused or changed. Source: The White House (Executive Order 14257) ↗
6Federal government shutdownOct 1–Nov 12, 2025
The longest shutdown on record (43 days). Several October 2025 surveys were never collected, so some series have a gap. Source: U.S. Bureau of Labor Statistics ↗
7War with Iran beginsFeb 28, 2026
U.S. and Israeli strikes on Iran begin, and Iran closes the Strait of Hormuz to most shipping on March 2. EIA cites the closure as a key driver of oil prices; the weekly U.S. gas price rises from $2.94 to $4.12 by April 6. Source: U.S. Energy Information Administration ↗
U.S. Bureau of Labor Statistics · Consumer Price Index for All Urban Consumers (CPI-U), all items · Monthly · Original source