Consumers struggling with skyrocketing prices for food, gas, autos and rent got a tantalizing hint of relief last month, when prices didn’t budge at all from June after 25 straight months of increases.
FILE - A motorist fills up the tank on a sedan, on July 22, 2022, in Saratoga, Wyo. Falling 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. – Consumers struggling with skyrocketing prices for food, gas, autos and rent got a tantalizing hint of relief last month, when pricesafter 25 straight months of increases.
his description of higher prices as being merely “transitory" and to acknowledge that high inflation was proving to be chronic.Even if some prices should keep declining, others — housing costs, for example — are almost sure to remain painfully high. And that means there's likely still a long way to go before inflation will get anywhere close to the 2% annual pace that the Fed has targeted and that Americans were long accustomed to.
In addition to the ongoing decline in gas prices, the cost of groceries — a huge driver of inflation for the past year — could soon rise much more slowly. Futures prices for dairy, chicken and eggs have been falling in recent weeks, according to Capital Economics, a forecasting firm. And costs for such farm commodities as wheat, corn and soybeans are also well off their springtime peaks.
One trend that may be keeping Fed officials up at night is that companies are still hiring workers at a voracious pace — and are willing to pay more to find the people they need. In the April-June quarter, employees' wages and salaries, excluding government workers,Businesses typically pass on at least some of their higher labor costs to their customers in the form of higher prices.
Everyone braced for more misery. Companies cut investment and postponed restocking. A severe recession ensued.
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