July inflation decreased, proving Fed rate rises are working

By Lola Smith

Published: August 10, 2022 | 12:50 PM GMT

Inflation decreased in July as gasoline prices fell, a sign the Fed’s attempts to control prices are working.

The Labor Department said Wednesday that consumer prices grew 8.5% from a year earlier in August, lower than anticipated and down from 9.1% in July.

The price hike shows customers’ anguish. Food and housing prices rose last month, while energy expenses fell.

About Lola Smith

Lola Smith is a highly experienced writer and journalist with over 25 years of experience in the field. Her special interest lies in journalistic writeups, where she can utilize her skills and knowledge to bring important stories to the public eye. Lola’s dedication to her craft is unparalleled, and she writes with passion and precision, ensuring that her articles are informative, engaging, and thought-provoking. She lives in New York, USA.