Following the sharp rise in food prices, including eggs, gasoline prices in Southern California have been rising for a month straight, heightening concerns about inflation among Korean Americans.

According to the Southern California Automobile Club (AAA) and oil price information provider OPIS, as of the 15th, the average price of regular gasoline in Los Angeles County has increased 21 times over 22 days, reaching $4.776 per gallon, the highest level since June 9 of last year. This marks a 30-cent increase in just one month, though it is 3 cents lower than a year ago. At many gas stations in the LA area, prices have once again surpassed $5 per gallon.

In Orange County, the average price of gasoline hit $4.754 per gallon, the highest since June 11 of last year. Gas prices in the region have risen by 32.5 cents over the past month. The statewide average in California rose 44 cents from a month ago to $4.84, while the national average increased by 5.5 cents to $3.168. The significant rise in gasoline prices in California, including Southern California, is attributed to the transition and maintenance of refineries for summer-grade gasoline production and a fire at the PBF refinery in Martinez on the 1st.

The surge in energy prices has contributed to a "surprise jump" in the U.S. Consumer Price Index (CPI) in January, which rose to 3% for the first time in seven months. According to the U.S. Department of Labor, the CPI increased by 3.0% year-over-year in January. The month-over-month increase of 0.5%, reflecting recent price trends, was the largest in 1 year and 5 months since August 2023 (0.5%).

Energy prices, including gasoline, rose 1.1% month-over-month, driving the January price increase. While gasoline prices fell 0.2% year-over-year, they rose 1.8% month-over-month. Food prices also increased by 0.4% month-over-month, contributing to inflation. In particular, egg prices surged by 15.2% month-over-month due to the spread of avian influenza.

The Labor Department noted that the rise in egg prices was the highest since June 2015. Meanwhile, the core CPI, which excludes volatile energy and food prices, rose 3.3% year-over-year and 0.4% month-over-month.

Peter Kim (64), a resident of Torrance, sighed, "With consumer prices directly impacting daily life, new terms like 'gasflation' (gasoline + inflation) and 'eggflation' (egg + inflation) have started circulating among friends."



<Sehee Roh>