Beshear’s Team Kentucky update covers inflation, gas prices

FRANKFORT, Ky. – You may have noticed the prices have dropped at the pump.

Gov. Andy Beshear provided a Team Kentucky Update Thursday, which included information on gas prices and inflation.

U.S. gas prices have seen nearly a 50-cent drop over the last month, with a 4-cent drop since Wednesday here in Kentucky, said Beshear. According to AAA, the average price for gas in Kentucky is 32 cents lower than the national average.

In Bowling Green, the price for gas as of Thursday has dropped nearly 57 cents; in Lexington, the price is down 34 cents and in Louisville, the prices is down 45 cents.

The governor also addressed overall inflation, saying, “Our budget director, he said something to me the other day that stuck with me. He said when you watch inflation, it’s like a rocket going up and a feather coming down.”

Beshear said supply chain interruptions, the avian flu, hotter weather affecting corn crops, the invasion of Ukraine and lower milk supplies are some contributing factors in inflation.

The governor further said inflation does not fit into a political box, that it is a challenge “we face together and that we get through together.”

Some good signs the governor cited are that beef and pork prices are going down as of Thursday, as well as citrus fruits. However, Beshear said rent prices are far too high, although experts say they should lower soon.

Beshear said that, while these silver linings of some lower prices can provide hope, we must still acknowledge these are tough times.