They told us the cost of living was so high because of gas prices

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4. the prices of many goods are "upward sticky", prices at the pump being the most notorious example.

the idea is that when gas prices go up, a gas station immediately needs to raise prices at the pump to cover the higher costs.

but when prices go down, there's not the same pressure to immediately cut prices at the pump, the station can play the waiting game to see of nearby stations cut first (implicit collusion / temporary trust, but that's what happens).

it's similar in many other industries. you don't need much beyond rising costs for end prices to go up, but you need working, efficient competition for prices to go down.