Why inflation is losing its punch — and why things could get even better – Gist It

Why inflation is losing its punch — and why things could get even better

Inflation in the U.S. is decreasing, with consumer prices in June only 3% higher than a year ago, the smallest increase since March 2021, and this trend may persist for months.

Understanding the decline: Inflation has fallen sharply in the past year.
* Inflation last year was over 9% due in part to record-high gasoline prices following Russia’s invasion of Ukraine.
* In contrast, gasoline prices have decreased more than 26% since then, and grocery prices have also stabilized.

Future projections: There is optimism that inflation rates may decline even further.
* The prices for rent and used cars, both factors that significantly contribute to inflation, are currently showing signs of decrease.
* Omair Sharif of Inflation Insights predicts that the next several months will witness mild cost-of-living increases.

Company profits impacted: High inflation may no longer be a means for companies to augment their profit margins.
* Economist Lael Brainard indicates that some companies inflated their profit margins during the period of strong inflation.
* She suggests these higher markups “should unwind if consumers are more price-sensitive and firms have to compete more intensely.”

Altered consumer behaviors: High inflation has led to permanent changes in spending habits.
* Consumers such as Kate Blacker from New Jersey have become more conscious shoppers, postponing trips, canceling subscriptions, and being more considerate with their food purchases.

Federal Reserve response: The Federal Reserve continues to monitor the fluctuation in inflation rates.
* The Fed has previously raised interest rates to control inflation and is expected to institute another quarter-point rate hike in their upcoming meeting.
* However, if the downward trend in inflation continues, this upcoming increase might be the last in this cycle.

View original article on NPR

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July 12, 2023

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