If you've filled up your gas tank in the last week, you might've noticed that gas prices are rising. On Friday, the average price of a gallon of gas in North Carolina was $3.44. That's up six cents from Monday's per-gallon price of $3.38.
North Carolina's per-gallon price is still well below the national average of $3.56, but the recent price surge is a result of inflation over the past month. Wholesale inflation rose in June faster than it had in any month since September.
The Labor Department says wholesale prices rose 0.8 percent in June compared with May when prices had risen 0.5 percent. It was the biggest gain since a 1 percent jump in September and was driven by a 7.2 percent surge in gasoline prices.
Aside from sharp swings in gas prices, inflation has increased very slowly over the past year, giving the Federal Reserve the room to keep interest rates low to boost the economy.