The forecast by economists, if it proves correct, would raise hopes that inflation might have peaked.
Americans are still absorbing bigger price increases than they have in decades. Grocery prices jumped 1.1% in July and are 13% higher than a year ago, the largest year-over-year increase since 1979. Bread prices leaped 2.8% last month, the most in more than two years. Rental and medical care costs rose, though slightly less than in previous months.
“I go over my budget all the time — that’s why I had to go get a job,” Bulich said. “I wouldn’t even think about buying hamburger meat or a steak or something like that.”Michael Altfest, director of community engagement at the Alameda County Community Food Bank in Oakland, said his organization now provides about 4.5 million pounds of food a month, up from below 4 million in January. The group has also budgeted for a 66% increase in fuel costs.
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