Gas Prices Headed South.
In some good economic news for the Administration, gas prices are going down in what could be an indicator that inflation has peaked. (Politico)
“The Biden administration on Tuesday got some much-needed good news on inflation: Online consumer prices dropped in July — the first time in more than two years that’s happened.
It’s another early sign that the white-hot inflation that has plagued the economy for more than a year could be abating as the Federal Reserve aggressively raises interest rates. Gas prices have dropped for eight straight weeks. Key commodities costs have eased. Walmart and other giant retailers are slashing prices. And even consumers are telling the Fed that their long-term fears of inflation are subsiding.”
Pain at the pump appears to be subsiding as the price for gas continues a downward trend in what is good news for this administration. Americans have received stark reminders of just how much inflation has increased whenever they were filling their tanks and that translated into economic angst directed at the current Administration. If the prices continue to fall this will give Americans a much rosier economic outlook heading into the fall elections.
