The Biden administration received some much-needed good news on Wednesday: Because of decreasing gas costs, total inflation increased nothing in July for the first time in more than two years.

Another early indication that the economy’s raging inflation may be slowing down comes from the Federal Reserve’s aggressive interest rate hikes. For eight weeks in a row, gas prices have fallen. costs of major commodities have decreased. Last month, prices for online shoppers decreased. Prices at Walmart and other large shops are being slashed. The Fed is even hearing from customers who say they are less worried about inflation in the long run. Another early indication that the economy’s raging inflation may be slowing down comes from the Federal Reserve’s aggressive interest rate hikes. For eight weeks in a row, gas prices have fallen. costs of major commodities have decreased. Last month, prices for online shoppers decreased. Prices at Walmart and other large shops are being slashed. The Fed is even hearing from customers who say they are less worried about inflation in the long run.

According to the most recent Consumer Price Index statistics, prices rose 8.5 percent in July over the previous year, which is still a blazing rate that takes into account price surges from earlier months. Prices remained the same as in June.

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