Inflation at the wholesale level jumped 9.8% in July from a year earlier, a slowdown from the June pace yet still a painfully high level suggesting that rampant inflation will persist for months to come.
from a year earlier, a slowdown from the June pace yet still a painfully high level suggesting that rampant inflation will persist for months to come. from a year earlier, a slowdown from the June pace yet still a painfully high level suggesting that rampant inflation will persist for months to come
Those declines suggest that retail gas prices, which have fallen steadily since mid-June, are likely to keep dropping Falling gas and energy prices pushed down the monthly figure. Those declines suggest that retail gas prices, which have fallen steadily since mid-June, are likely to keep dropping. The milder inflation data, and last month's unexpectedly robust hiring that helped lower the unemployment rate to a half-century low of 3.5%, have provided President Joe Biden with some positive economic news after months of accelerating price spikes hammered his approval ratings. Congressional Republicans have made rising inflation a major line of attack in the upcoming midterm elections.
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