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2011•Economic TrendsRequires access

What to Make of Rising Gas Prices and Falling Household Energy Prices

Brent Meyer

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Abstract

Yes, oil and commodity prices are increasing, and we are starting to see that increase expressed in retail prices. Motor fuel prices jumped up at an annualized rate of more than 50 percent in January, and they have risen nearly 14 percent over the past year. But why don’t we hear about other dramatic changes in relative prices—in the opposite direction—like car and truck rentals (down 28.4 percent) and infants’ and toddlers’ apparel (down 20.5 percent)?

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What this paper is about

Yes, oil and commodity prices are increasing, and we are starting to see that increase expressed in retail prices. Motor fuel prices jumped up at an annualized rate of more than 50 percent in January, and they have risen nearly 14 percent over the past year. But why don’t we hear about other dramatic changes in relative prices—in the opposite direction—like car and truck rentals (down 28.4 percent) and infants’ and toddlers’ apparel (down 20.5 percent)?

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Available abstract

Yes, oil and commodity prices are increasing, and we are starting to see that increase expressed in retail prices. Motor fuel prices jumped up at an annualized rate of more than 50 percent in January, and they have risen nearly 14 percent over the past year. But why don’t we hear about other dramatic changes in relative prices—in the opposite direction—like car and truck rentals (down 28.4 percent) and infants’ and toddlers’ apparel (down 20.5 percent)?

Key concepts: Falling (accident), Renting, Economics, Commodity, Agricultural economics, Gallon (US), Clothing, Monetary economics

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