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.