Inflation is less bad in the U.S. The rate in July was 8.5%. That is still a painful inflation rate but at least its down from the 9.1% it hit in June.
This means that prices of items in July 2022 were 8.5% higher than they were in July of 2021. Since the number is down from 9.1%, the Federal Reserve and the White House are hoping that this means that inflation has peaked and it’s all downhill from here on out. Well, we’re all hoping that, right?
But most of the inflation reduction happened for travel-related expenses. Hotel room costs were down 2.7%, airfare down 8%, rental car prices down 9.5%. Okay. But you can’t eat those things. I think the average American is hoping for a reduction in gas and food prices but travel is nice too.