Two weeks ago, though, Powell signaled a shift, implicitly acknowledging that high inflation has endured longer than he expected. They note that supply shortages in some industries have begun to gradually ease. Oil prices have been declining modestly and leading, in turn, to slightly lower gasoline prices. Even more dramatically, natural gas prices have plummeted nearly 40% from a seven-year high reached in October. Food prices, too, could potentially ease as a result of sharp declines in corn and wheat prices from their highs earlier in the year.

Source: Libya Today December 10, 2021 23:17 UTC