Friday, August 12, 2022

15 Industries Most Affected by Inflation


Karpova / Shutterstock.com

Editor’s Note: This story originally appeared on Self.

One of the dominant economic stories of recent months has been a historic run of inflation in the U.S. economy. Nearly every segment of the economy is experiencing rapid price increases at rates not seen in decades. Rising prices are putting greater pressure on households’ and businesses’ financial states as they pay more for goods and services.

The COVID-19 pandemic set off a number of factors that have contributed to the current inflationary environment. Together, these factors have created imbalances between supply and demand, and with more money in the economy, prices have increased.

While inflation is now apparent throughout the economy, not every sector has been affected equally. To determine the industries most affected by inflation, researchers on behalf of Self calculated the one-year change in prices from March 2021 to March 2022.

The data used in this analysis is from the Bureau of Labor Statistics Producer Price Index. In the event of a tie, the industry with the greater one-month change in prices from February 2022 to March 2022 was ranked higher. Only three-digit NAICS (North American Industry Classification System) industry sectors were included in the analysis.

Here are the industries most affected by inflation.

15. Fabricated metal product manufacturing

Airplane manufacturing
Juice Flair / Shutterstock.com

One-year change in prices: +20.8%

One-month change in prices: +0.9%

Two-year change in prices: +27.0%

14. Accommodation

Jacob Lund / Shutterstock.com

One-year change in prices: +21.0%

One-month change in prices: +7.8%

Two-year change in prices: +15.9%

13. Transportation support activities

Cargo Ship
Sheila Fitzgerald / Shutterstock.com

One-year change in prices: +21.1%

One-month change in prices: -0.1%

Two-year change in prices: +26.0%

12. Plastics and rubber products manufacturing

Man putting tire on car.
sirtravelalot / Shutterstock.com

One-year change in prices: +21.1%

One-month change in prices: +1.0%

Two-year change in prices: +26.4%

11. Mining (except oil and gas)

Mark Agnor / Shutterstock.com

One-year change in prices: +21.2%

One-month change in prices: +4.9%

Two-year change in prices: +26.9%

10. Building material and garden equipment and supply dealers

Gardening products at a Costco warehouse
Pictures_n_Photos / Shutterstock.com

One-year change in prices: +22.0%

One-month change in prices: +3.1%

Two-year change in prices: +55.4%

9. Air transportation

A United Airlines airplane takes flight
Philip Pilosian / Shutterstock.com

One-year change in prices: +23.0%

One-month change in prices: +9.2%

Two-year change in prices: +10.5%

8. Wood product manufacturing

Secondhand furniture appraiser
ALPA PROD / Shutterstock.com

One-year change in prices: +24.7%

One-month change in prices: +3.4%

Two-year change in prices: +66.0%

7. Truck transportation

Courier driving a delivery truck
Drazen Zigic / Shutterstock.com

One-year change in prices: +24.8%

One-month change in prices: +6.7%

Two-year change in prices: +34.8%

6. Motor vehicle and parts dealers

Florida electric vehicle
Felix Mizioznikov / Shutterstock.com

One-year change in prices: +25.6%

One-month change in prices: +0.6%

Two-year change in prices: +36.6%

5. Furniture and home furnishings stores

Chantarat / Shutterstock.com

One-year change in prices: +25.8%

One-month change in prices: +2.1%

Two-year change in prices: +41.7%

4. Gasoline stations

Shell gas station
Vytautas Kielaitis / Shutterstock.com

One-year change in prices: +33.5%

One-month change in prices: +15.9%

Two-year change in prices: +22.5%

3. Primary metal manufacturing

Metal worker at milling machine
OtmarW / Shutterstock.com

One-year change in prices: +35.5%

One-month change in prices: -1.7%

Two-year change in prices: +69.0%

2. Petroleum and coal products manufacturing

Mark Agnor / Shutterstock.com

One-year change in prices: +58.1%

One-month change in prices: +15.8%

Two-year change in prices: +135.4%

1. Oil and gas extraction

North Dakota oil rig at sunset
BlueBarronPhoto / Shutterstock.com

One-year change in prices: +64.8%

One-month change in prices: -10.4%

Two-year change in prices: +233.3%

Methodology

Man using too much data on his phone, tablet and laptop
Bacho / Shutterstock.com

The data used in this analysis is from the Bureau of Labor Statistics Producer Price Index.

To determine the industries most affected by inflation, researchers on behalf of Self Financial calculated the one-year change in prices from March 2021 to March 2022. In the event of a tie, the industry with the greater one-month change in prices from February 2022 to March 2022 was ranked higher. Only three-digit NAICS industry sectors were included in the analysis.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.



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