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Inflation eases for July, but U.S. ‘not out of the woods’ yet

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(AP Photo/Gene J. Puskar, File)
FILE – Gas prices are displayed at a Sunoco gas station along the Ohio Turnpike near Youngstown, Ohio, Tuesday, July 12, 2022. Thanks largely to falling gas prices, the government’s inflation report for July, to be released Wednesday, Aug. 10, 2022, will probably show that prices jumped 8.7% from a year earlier, according to a survey of economists by data provider FactSet.

Boston Herald, August 2022

Inflation finally dropped in July, giving Americans a much-needed break after June’s four-decade high, but the country’s economic future still remains uncertain.

“We’re not out of the woods,” said Nancy Kimelman, a Northeastern University professor and former economist with the Federal Reserve. Prices rose 8.5% over the previous year in July, a drop from June’s 9.1% peak. Prices also remained virtually unchanged from June to July, the smallest jump in two years.

A decline in gasoline prices drove much of the drop, though other travel expenses, including airfare and hotels, also notably fell.

Continue reading at the Boston Herald.

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