The energy index dropped by 4.6% over the month of July as the indexes for gasoline and natural gas fell. The gasoline index declined by 7.7% in July after an 11.2% increase the previous month. The gasoline index surged 44% over the last 12 months and the fuel oil index rose 75.6%. Over the last 12 months ending in July, the energy index increased 32.9%, down from a 41.6% increase for the period ending June. “It’s no ‘mission accomplished,’ but some much-needed breathing room,” Jared Bernstein, a member of the White House’s Council of Economic Advisers, told The Washington Post.

Source: Washington Post August 11, 2022 00:00 UTC