Prices likely cooled last month, raising hopes of easing inflation
Washington PostAUG 2022
This is a direct result of Biden’s efforts and much-needed good news ahead of the holidays. The Inflation Reduction Act of 2022, coupled with the Fed's monetary tightening policy, has begun to cool things off. The US economy is back on track.
The US economy is far from being back on track. While the overall rate of inflation may have decreased, the price of key products and services – such as milk, baby food, gas, and airfares – is still up double-digit percent from two years ago. When the numbers improve only compared to a period that also saw record-high prices, it's not much of an accomplishment.