MADISON, WI (WTAQ-WLUK) – The last year took a financial toll on many Americans, starting out 2023 paying significantly more for groceries and household items. The consumer price index, a closely watched measure of inflation, had an annual gain of 6.4% in January.
The national average price of gas started off the year at $3.21 a gallon, according to AAA. The price at the pump fluctuated slightly until a few months ago when they hit a peak of $3.88 mid-September. Since then they have been on a decline, hitting the lowest level of the year this month.
That drop in price helped slow inflation throughout 2023 but the struggle to hire employees continued. Businesses had to get creative. The city of Green Bay increased lifeguard pay to $18 an hour allowing all three pools to open this summer for the first time since the pandemic. Green Bay area public schools implemented a bonus program to fill dozens of open positions.
A record number of Americans traveled in 2023 despite the increased cost. According to AAA, airline tickets were up 50% over the July fourth weekend compared to the previous year, yet airline travel was up 6% from 2019.
Costs have since slowed. AAA reports that the average price for a roundtrip ticket to Orlando this holiday season is $613, down from $735 last year. The average price to Las Vegas dropped nearly two-hundred dollars from $705 in 2022 to $508 now.
Travel will wrap up 2023 on a high note, with Triple A estimating 115 million Americans to leave town for the holiday, up 2% from last year.
GasBuddy initially predicted a drop in the national average price of gas below $3 a gallon by Christmas; however, a sudden surge is changing its estimation to $3.09 a gallon. GasBuddy says the federal reserve hinting at a drop in interest rates next year and the red sea ship attacks have contributed to an increase in price. Wisconsin currently ranks 43rd out of 50 states for most expensive gas prices with today’s average at $2.76 a gallon.
The average price of diesel dropped below $4 a gallon for the first time since July.
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