A report released by the Commerce Department reveals that a decline in energy prices in July offered some relief amid high prices caused by inflation.
Customers pay bills at the checkout counter at a supermarket in Oregon, the United States, July 13, 2022. eased last month as energy prices tumbled, raising hopes that a surge in prices increases may have peaked.
On a monthly basis, consumer prices actually fell 0.1% from June to July; core inflation blipped up 0.1%, the Commerce Department reported.as the economy rebounded with surprising speed from the short but devastating coronavirus recession a year earlier. Surging customer orders overwhelmed factories, ports and freightyards, leading to delays, shortages and higher prices. Inflation is a worldwide problem, especially since the Russian invasion of Ukraine drove up global food and energy prices.