US inflation will likely stay high even as gas prices fall.
and restaurant meals is accelerating. Price changes in services tend to be sticky and don’t ease as quickly as they do for gas, food or other goods. Those trends suggest that overall inflation may not drop significantly anytime soon. — such as releases of oil from the nation’s strategic reserve — are helping combat the higher costs that have hammered household budgets, particularly for lower-income families.
pushed by Biden and Democratic lawmakers. The bill, which among other things aims to ease pharmaceutical prices by letting the government negotiate Medicare’s drug costs, is expected to cut the federal budget deficit by $300 billion over a decade. Economists have forecast that Wednesday’s inflation report will show that consumer prices rose 0.2% from June to July, according to FactSet. That would mark a steep drop from the 1.3% jump from May to June.
If overall inflation did ease in July, it will largely reflect a 16% plunge in prices at the gas pump from their peak in mid-June, when gas hit a national average of $5 a gallon. The average price fell to about $4.20 by the end of July and was . The continuing drop means that lower gas prices will likely pull inflation down further in August.
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