JUST IN: Inflation shows signs of slowing with consumer prices rising 7.1%, smallest 12-month increase since December of last year.
For a year, Americans have seen racing inflation eat away at their savings and add to their credit card debt. A key source of pain was costly gasoline.
"You can't put lettuce on a hoagie and expect not to put an upcharge on it, when you're paying $100 for 24 heads of lettuce," Guarino said. "It is far too early to declare goods inflation vanquished," Fed chairman Jerome Powell said two weeks ago, about the stabilization."But if current trends continue, goods prices should begin to exert downward pressure on overall inflation in coming months."Likewise, there are signs that housing inflation has begun to ease. Rents are still rising much faster than they were before the pandemic, but not at the breakneck pace they were in the spring.
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