After months of steadily climbing to a 40-year high, the pace of inflation slowed notably in July as gas prices fell sharply and Americans got relief on the cost of clothing, used cars and some other necessities. Unhappiness over inflation has been widely seen as one of the primary reasons for President Biden’s low approval ratings. The July inflation report comes on the heels of other recent positive developments that include the retreat in gas prices, resilient job growth and a rebound in stock markets. Moody’s Analytics, a research and forecasting firm, projects the rate of inflation will recede to 6.5% at the end of the year. According to an ABC News/Ipsos poll last weekend, 34% of Americans said they approved of Biden’s handling of gas prices — up seven points from early June.

Source: Los Angeles Times August 10, 2022 19:40 UTC