Paul Krugman: “Gas prices, defying predictions of a nightmare summer for motorists, are leading the parade… The majority of gas stations in the United States are already charging less than $4 a gallon, and declining wholesale prices suggest that retail prices still have farther to fall.”
“Food prices are also coming down… And business surveys are suggesting a broader decline in inflation.”
“All of this means that official data on consumer prices will almost certainly show much smaller increases over the next few months than the shocking numbers we’ve become accustomed to lately.”
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