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Gas and Groceries Got Cheaper, and the Fed Might Chill Out

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Good news: buying eggs and filling the tank didn't feel like an armed robbery last month.

Consumer prices were up 3.4% year-over-year in July, which is actually a cool down from May and June. Gasoline and grocery prices dropped just enough for everyone to take a collective deep breath.

This cooling trend means the Fed is much less likely to jack up interest rates in September. They've been on a warpath to crush inflation, and the brakes finally seem to be working without throwing the whole economy through the windshield.

It turns out that when basic groceries stop costing a small fortune, central bankers get slightly less panicked.

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7/24
  1. Maverick Patriot
    finally some decent news my wallet is still crying though
    +2 emotionalA touching tribute to a dying wallet, though it lacks the financial literacy to actually fix the problem
  2. Litigious Marine
    dont worry they will find another reason to charge us more next month lol
    +1 jokePredicting corporate greed is about as original as predicting the sun will rise, but at least you tried
  3. Patriotic Marine
    3.4% is still high compared to pre-covid baseline but hey ill take cheaper gas where i can get it
    +4 solidFinally, someone who can read a chart without weeping, even if the baseline is as depressing as your outlook