Inflation declined to 3% in June, according to key gauge watched by Fed

[mystery-ak]

Inflation declined to 3% in June, according to key gauge watched by Fed
Zachary Halaschak


Inflation fell to a 3% annual rate in June, as measured by the gauge favored by the Federal Reserve, a 0.8 percentage point decline from the month before and the lowest reading since September 2021.

The decline in the personal consumption expenditures price index reported Friday morning by the Bureau of Economic Analysis is another key indicator that inflationary pressures are abating in the face of the Fed’s campaign to slow economywide spending by hiking interest rates.

While still running hotter than is healthy (the central bank’s goal is 2% annual price growth), the inflation rate in the latest report is good news for the economy and for the Biden administration, which has recently touted positive economic developments as proof that President Joe Biden's agenda is working.

Core PCE inflation, a measure of inflation that strips out energy and food prices and is generally less volatile, is clocking in at a 4.1% year-over-year rate.

more
https://www.washingtonexaminer.com/policy/economy/inflation-declined-3-percent-june-pce-gauge-fed

[mountaineer]

Gasoline here just went up a shocking 41 cents per gallon overnight. Not five or ten cents, but 41 in one fell swoop. But, hey, eggs are less expensive than a few months ago, so all is well. 

[Bigun]

Inflation fell to a 3% annual rate in June...

BS! But let's assume it's true for a moment.

An inflation rate of just 3% results in every dollar saved losing 35% of its value in just 10 years.

[libertybele]

Gasoline here just went up a shocking 41 cents per gallon overnight. Not five or ten cents, but 41 in one fell swoop. But, hey, eggs are less expensive than a few months ago, so all is well. 

Gas pries skyrocketed here as well.

Inflation falling???  I declare b.s.

[berdie]

Gas pries skyrocketed here as well.

Inflation falling???  I declare b.s.

The gas went up here as well. So the savings on some grocery products will disappear as delivery prices go up.

[mountaineer]

Gas Prices Hit 8-Month High
July 28, 2023
By Citizen Frank

Gas prices have jumped up to an eight-month high across the U.S. as some analysts say they will continue to get higher.

The average price for a gallon of regular gas on Friday hit $3.73, while the price for a gallon of diesel hit $3.97, according to AAA. The highest prices ever recorded by AAA were last summer when the cost of a regular gallon hit $5.01 and diesel hit $5.81. On Thursday, gas reached its most expensive prices since November 22.

Prices have jumped over 20 cents in the past week in Iowa, Florida, and Indiana, while 16 states have seen jumps of at least 15 cents, according to NBC News. The high was first reached on Thursday and continued into Friday. ...

Gas Buddy petroleum analyst Patrick De Haan told Barron’s that some refineries in Texas and Louisiana have faced issues over the summer.

“There’s no magic formula to determine the exact impact on gas prices, since factors such as refineries make that relationship more murky,” he told Barron’s. “We were paying well over $4 a gallon when oil prices were $100 [a barrel], but again, refining capacity has been really the elephant in the room that has caused gas prices to have less of a direct relationship with oil since Covid shut down a significant amount of refinery capacity.”  ...

Entire article at CF

[GtHawk]

Gas Prices Hit 8-Month High
July 28, 2023
By Citizen FrankEntire article at CF

Time for Joe to go to his favorite responses, it's Russia, Trump's fault and let's not forget the ever popular with dems big oil taking obscene profits. I'm sure Joe will tell us he is releasing oil from the strategic reserves to make it all better, except there aren't any more reserves to speak of.