The latest wholesale price figures released by the Labor Department show inflation appears to be decreasing enough for the Federal Reserve to begin cutting interest rates next week. Prices of gas, groceries and cars are either falling or rising at slower rates than before the pandemic.
The latest wholesale price figures released by the Labor Department Thursday show inflation appears to be decreasing enough for the Federal Reserve to begin cutting interest rates next week.The prices of gas, groceries and cars are either falling or rising at slower rates than before the pandemic. That’s after peaking at a 40-year high in mid-2022.The Labor Department’s producer price index — which tracks inflation before it reaches consumers — rose 0.2% from July to August.
During the presidential debate Tuesday night, former President Donald Trump attacked Vice President Kamala Harris for the price spikes that began a few months after the Biden-Harris administration took office, when global supply chains seized up and caused severe shortages of parts and labor.He also falsely said that inflation during the Biden-Harris administration was the highest "perhaps in the history of our country." In 1980, inflation reached 14.
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