15 Products and Services Most Impacted by Inflation

Editor's Note: This story originally appeared on Smartest Dollar.

Following months of rapid inflation, the U.S. Federal Reserve recently announced its first federal funds rate increases in more than three years. Federal Reserve Chair Jerome Powell followed this action with remarks several days later signaling that more rate increases are in store for 2022.

The Federal Reserve’s recent moves were noteworthy because the U.S. central bank has kept rates near zero for most of the last decade in efforts to boost economic growth following the Great Recession. But the recent spike in inflation prompted new thinking from the Fed. Some economic observers — including Powell — predicted last year that rising inflation would be transitory, leveling out as the COVID-19 pandemic abated and global supply chains recovered. But it now appears that inflation is here for the foreseeable future, and the Federal Reserve hopes to rein it in.

The Federal Reserve typically aims for a target annual inflation rate of 2%, believing that this figure best supports the goal of maximizing employment while also keeping prices stable. Generally, when the Federal Reserve wants to stimulate economic growth, it lowers interest rates, which reduces costs for people and businesses to borrow money to spend or invest. But when the rate of inflation is too high, the Federal Reserve may raise interest rates to keep price increases under control.

The data used in this analysis is from the March 2022 release of the U.S. Bureau of Labor Statistics Consumer Price Index (CPI). To determine the consumer products and services most impacted by inflation, researchers at Smartest Dollar calculated the year-over-year percentage change in the CPI for select items. In the event of a tie, the product or service with the greater seasonally-adjusted percentage change in CPI from January to February of 2022 was ranked higher.

Here are the products and services most impacted by inflation.

15. Fish and seafood

• Year-over-year change in price: +10.4%
• Month-over-month change in price (seasonally adjusted): +1.1%
• Month-over-month change in price (unadjusted): +0.2%
• Relative importance to CPI (0-100): 0.29

14. Coffee

• Year-over-year change in price: +10.5%
• Month-over-month change in price (seasonally adjusted): +1.5%
• Month-over-month change in price (unadjusted): +1.6%
• Relative importance to CPI (0-100): 0.18

13. Fresh fruits

• Year-over-year change in price: +10.6%
• Month-over-month change in price (seasonally adjusted): +3.7%
• Month-over-month change in price (unadjusted): +3.5%
• Relative importance to CPI (0-100): 0.59

12. Eggs

• Year-over-year change in price: +11.4%
• Month-over-month change in price (seasonally adjusted): +2.2%
• Month-over-month change in price (unadjusted): +2.2%
• Relative importance to CPI (0-100): 0.11

11. New vehicles

• Year-over-year change in price: +12.4%
• Month-over-month change in price (seasonally adjusted): +0.3%
• Month-over-month change in price (unadjusted): +0.3%
• Relative importance to CPI (0-100): 4.09

10. Poultry

• Year-over-year change in price: +12.5%
• Month-over-month change in price (seasonally adjusted): +1.7%
• Month-over-month change in price (unadjusted): +1.7%
• Relative importance to CPI (0-100): 0.34

9. Pork

• Year-over-year change in price: +14.0%
• Month-over-month change in price (seasonally adjusted): +1.0%
• Month-over-month change in price (unadjusted): +0.7%
• Relative importance to CPI (0-100): 0.36

8. Motor vehicle parts and equipment

• Year-over-year change in price: +14.3%
• Month-over-month change in price (seasonally adjusted): +1.6%
• Month-over-month change in price (unadjusted): +1.6%
• Relative importance to CPI (0-100): 0.43

7. Beef and veal

• Year-over-year change in price: +16.2%
• Month-over-month change in price (seasonally adjusted): +0.8%
• Month-over-month change in price (unadjusted): +0.5%
• Relative importance to CPI (0-100): 0.54

6. Utility (piped) gas service

• Year-over-year change in price: +23.8%
• Month-over-month change in price (seasonally adjusted): +1.5%
• Month-over-month change in price (unadjusted): +0.6%
• Relative importance to CPI (0-100): 0.88

5. Car and truck rental

• Year-over-year change in price: +24.3%
• Month-over-month change in price (seasonally adjusted): +3.5%
• Month-over-month change in price (unadjusted): +1.4%
• Relative importance to CPI (0-100): 0.14

4. Lodging away from home

• Year-over-year change in price: +25.1%
• Month-over-month change in price (seasonally adjusted): +2.2%
• Month-over-month change in price (unadjusted): +5.5%
• Relative importance to CPI (0-100): 0.90

3. Fuel oil and other fuels

• Year-over-year change in price: +33.4%
• Month-over-month change in price (seasonally adjusted): +6.5%
• Month-over-month change in price (unadjusted): +6.1%
• Relative importance to CPI (0-100): 0.20

2. Motor fuel

• Year-over-year change in price: +38.1%
• Month-over-month change in price (seasonally adjusted): +6.7%
• Month-over-month change in price (unadjusted): +5.4%
• Relative importance to CPI (0-100): 3.79

1. Used cars and trucks

• Year-over-year change in price: +41.2%
• Month-over-month change in price (seasonally adjusted): -0.2%
• Month-over-month change in price (unadjusted): +0.8%
• Relative importance to CPI (0-100): 4.17

Methodology

The data used in this analysis is from the March 2022 release of the U.S. Bureau of Labor Statistics Consumer Price Index (CPI), covering data up to February 2022.

To determine the consumer products and services that have been most impacted by inflation, researchers calculated the year-over-year percentage change in the CPI comparing February 2022 with February 2021.

In the event of a tie, the product or service with the greater seasonally-adjusted percentage change in CPI from January to February 2022 was ranked higher. To improve relevance, only select CPI categories were included in the analysis.