Prices Finally Appear to Be Falling

“The Biden administration on Tuesday got some much-needed good news on inflation: Online consumer prices dropped in July — the first time in more than two years that’s happened,” Politico reports.

“It’s another early sign that the white-hot inflation that has plagued the economy for more than a year could be abating as the Federal Reserve aggressively raises interest rates. Gas prices have dropped for eight straight weeks. Key commodities costs have eased. Walmart and other giant retailers are slashing prices. And even consumers are telling the Fed that their long-term fears of inflation are subsiding.”