Americans are saving money at the gas pump, only to spend it in the produce aisle. A new government report is expected to show inflation cooled a bit last month. But prices are still climbing and the Fed is preparing to raise interest rates — again.
Consumers shop in the produce section of a Walmart store in Burbank, Calif., on August 15, 2022. Produce prices have been rising recently, the latest area hit by inflation.Consumers shop in the produce section of a Walmart store in Burbank, Calif., on August 15, 2022. Produce prices have been rising recently, the latest area hit by inflation.Americans are saving money at the gas pump, only to spend it in the produce aisle.
But in recent weeks gasoline prices have fallen sharply and gas is now selling for less than it was a year ago, before Russia's invasion of Ukraine. An insect-borne virus curbed lettuce production in the Salinas Valley this fall. And while gasoline prices have tumbled, the diesel fuel used to truck vegetables still costs nearly $5 a gallon.
, a housing data company. By September, the annual increase had dropped to around 10%, partly because of softening demand. Rents are reflected only gradually in the official inflation data, so the slowdown in housing costs is not yet fully evident in the consumer price index. Wages have been rising at a rapid rate, and Powell worries that could keep inflation stubbornly high.
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