The thing about gas prices is that any change has an effect on the prices of other commodities.
to minimize the effects of earlier gas price increases. This change in behavior has translated into lower demand and contributed to an overall decline in prices.
And the thing about gas prices is that any change has a knock-on effect on the prices of other commodities. Lower gas prices should mean, including food, will go down over time. This should eventually bring down grocery bills. Similarly, lower gas prices will eventually filter into energy costs. Lower energy bills may be a relief to renters and homeowners alike. As to rent inflation, that is. More interest rate hikes should dampen the property market, but making it harder for people to buy homes means the demand for rental units increases – something that would put more upward pressure on rents. All this puts the Fed in a very tricky situation.
Although the latest inflation report wasn’t exactly what monetary policymakers at the Fed would have been looking for, I don’t believe it suggests that its policy of late hasn’t worked. Overall the consumer price index increased at a slower pace than in recent months. And given that gas prices have declined, the Fed will likely want to wait and see what effect this has on inflation before deciding to get more aggressive with rate increases.
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