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
One-year change in prices: +20.8%
One-month change in prices: +0.9%
Two-year change in prices: +27.0%
14. Accommodation
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
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
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)
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
One-year change in prices: +22.0%
One-month change in prices: +3.1%
Two-year change in prices: +55.4%
9. Air transportation
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
One-year change in prices: +24.7%
One-month change in prices: +3.4%
Two-year change in prices: +66.0%
7. Truck transportation
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
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
One-year change in prices: +25.8%
One-month change in prices: +2.1%
Two-year change in prices: +41.7%
4. Gasoline stations
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
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
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
One-year change in prices: +64.8%
One-month change in prices: -10.4%
Two-year change in prices: +233.3%
Methodology
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.
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