Modest Decrease in Prices Give Americans a Slight Break From the Pain of Inflation

FILE – The price of regular unleaded gas is advertised for just under $4 a gallon at a Woodman’s, Wednesday, July 20, 2022, in Menomonie Falls, Wis. Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June. (AP Photo/Morry Gash, File)

Falling prices for gas, airline tickets and clothes helped give Americans a slight break from the pain of high inflation last month, though overall price increases slowed only modestly from a four-decade high that was reached in June.

 

Consumer prices jumped 8.5% in July compared with a year earlier, the government said Wednesday, down from a 9.1% year-over-year increase in June. On a monthly basis, prices were unchanged from June to July, the smallest such rise in more than two years.

Much of the relief last month was felt by travelers: Hotel room costs fell 2.7% from June to July, airfares nearly 8% and rental car prices a whopping 9.5%. Those prices declines followed steep increases in the past year after COVID-19 cases eased and travel rebounded. Airfares are still nearly 30% higher than they were a year ago .

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