US inflation will likely stay high even as gas prices fall
August 10, 2022
WASHINGTON (AP) — Americans may finally be catching a break from relentlessly surging prices — if just a slight one — even as inflation is expected to remain painfully high for months.
Thanks largely to falling gas prices, the government's inflation report for July, to be released Wednesday morning, is expected to show that prices jumped 8.7% from a year earlier — still a sizzling pace but a slowdown from the 9.1% year-over-year figure in June, which was the highest in four decades.
The forecast by economists, if it proves correct, would raise hopes that inflation might have peaked...