Falling prices for gas, airline tickets and clothes are giving consumers a bit of relief, although inflation is still close to a four-decade high.
Gasoline prices dipped to just under the $4 mark for the first time in more than five months — good news for consumers who are struggling with high prices for many other essentials.Prices have dropped 15 cents in the past week and 68 cents in the last month, according to the auto club.The shopping app GasBuddy reported that the national average was already down to $3.98 on Wednesday.
Recently, however, oil prices have dropped on concern about slowing economic growth around the world. U.S. benchmark crude oil has recently dipped close to $90 a barrel from over $120 a barrel in June. High prices also may be causing U.S. motorists to drive less. Gasoline demand in early August was down 3.3% from the same week last year after tracking more closely to 2021 numbers earlier in the summer.Prices at the pump are likely to be a major issue heading into the mid-term elections in November.
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