US gasoline prices climb to new record

By Ovunc Kutlu

ANKARA (AA) - US gasoline prices climbed to an all-time high Wednesday, according to figures from the American Automobile Association (AAA).

The national average stood at $4.671 per gallon (3.785 liters) for regular gasoline, up 1.06% from $4.622 on Tuesday. It marked a 1.56% jump from last week's average of $4.599.

The new price is a gain of 11.5% from $4.187 on a monthly basis, and up a whopping 53.4% from $3.045 a year ago, according to the data.

The highest price was in the state of California at $6.194, followed by Hawaii and Nevada at $5.442 and $5.338, respectively.

Record prices are increasing inflationary pressures on the world's largest economy, where annual consumer prices in March climbed 8.5%, its largest gain in more than 40 years. That figure was at 8.3% in April.

The Federal Reserve has raised interest rates twice -- 25 basis points March 16 and 50 basis points May 4 -- to tame inflation. Fed officials also signaled additional 50 basis point hikes in June and July.