US gasoline prices continue to climb above $5 per gallon

By Ovunc Kutlu

ANKARA (AA) – US gasoline prices continued to climb above $5 per gallon on Monday, after surpassing that level over the weekend, according to the latest figures from the American Automobile Association (AAA).

The national average stood at $5.014 per gallon for regular gasoline, up 0.07% from $5.01 on Sunday. It marked a 3.06% jump from last week's average of $4.865.

The latest price is a 13.13% gain from $4.432 on a monthly basis, and up a whopping 62.9% from $3.078 a year ago, according to data compiled by Anadolu Agency.

The highest price was in the state of California at $6.436, followed by Nevada at $5.657.

Record prices are increasing inflationary pressures on the world's largest economy, where annual consumer prices in May climbed 8.6%, its largest gain in more than 40 years.

To fight against record inflation, the US Federal Reserve raised interest rates by 25 and 50 basis points in March and May, respectively, and it is widely expected to make additional 50 basis points of rate hikes on Wednesday and in its July meeting as well.