Falling prices for gas, airline tickets and clothes gave Americans a slight break from the pain of high inflation last month, though overall price increases slowed only modestly from a four-decade high that was reached in June.
Falling prices for gas, airline tickets and clothes helped give Americans a slight break from the pain of high inflation last month, though overall price increases slowed only modestly from a four-decade high that was reached in June.
Last month’s declines in travel-related prices helped lower so-called core inflation, a measure that excludes the volatile food and energy categories to provide a clearer picture of underlying inflation. Core prices rose just 0.3% from June, the smallest month-to-month increase since March. And compared with a year ago, core inflation amounted to 5.9% in July, the same year-over-year increase as in June.
“There’s good reason to think inflation will continue to slow,” said Michael Pugliese, an economist at Wells Fargo. “What I think gets lost in that discussion is, slow by how much?” Average paychecks are rising faster than they have in decades, but not fast enough to keep up with those rising costs. As a result, some people who had retired have felt the need in recent months to return to the workforce.
Biden has pointed to declining gas prices as a sign that his policies — including large releases of oil from the nation’s strategic reserve — are helping lessen the higher costs that have hurt household finances, particularly for lower-income Americans and Black and Hispanic households.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US inflation slows from a 40-year peak but remains highFalling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June
Read more »
US inflation slows from a 40-year peak but remains highFalling gas prices gave Americans a slight break from the pain of high inflation last month, though overall price increases slowed only modestly from the four-decade high that was reached in June.
Read more »
US Inflation Slows From 40-Year Peak to Still-High 8.5% Over Past YearFalling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June.
Read more »
US inflation slips from 40-year peak but remains high at 8.5%Consumer prices jumped 8.5% in July compared with a year earlier, the government said Wednesday, down from a 9.1% year-over-year jump in June. FOX13
Read more »
Inflation Slowed in July but Remained Near Record HighThe pace of U.S. inflation slowed in July for the first time in months. See the potential bias and similarities in coverage from cnbc, cnnbusiness and foxbusiness:
Read more »
Inflation ticks down to 8.5%, bolstering hopes it might be crestingInflation slowed to 8.5% for the 12 months ending in July thanks to lower energy prices, according to the consumer price index, a welcome sign that price pressures might be peaking.
Read more »