It’s too soon to declare victory over inflation, but from gas to chicken to big-screen TVs, there are signs that inflation’s grip on American pocketbooks may be loosening
It’s too soon to declare victory over inflation, but from gas to chicken to big-screen TVs, there are, increasingly, signs that inflation’s grip on American pocketbooks may be loosening. Gas prices are back to last year’s levels, after spiking to a record high of just over $5 a gallon this summer. For perspective, a gallon of regular has fallen by almost 50 cents in just a month, making it about $10 cheaper to fill up an average SUV today than a month ago.
Retailers awash with excess inventory are expected to keep marking down goods into the end of the year, as consumers shift from buying couches and clothes to spending on travel and experiences — where prices are not coming down for now. In other areas, price increases are moderating, as global supply chains work themselves out and commodity and shipping costs decline. Skyrocketing rent and automobile prices are still rising, but more slowly.
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