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What goes up… starts to come down



CNN

It’s too early to declare victory over inflation, but from gasoline to chicken to big-screen TVs, there are growing signs that inflation’s grip on US wallets could to relax.

Gasoline prices are back to last year’s levels, after hitting a record high of just over $5 a gallon this summer. For perspective, a gallon of regular has dropped nearly 50 cents in just one month, making it about $10 cheaper to fill an average SUV today than a month ago.

Shoppers struck big deals over the Thanksgiving shopping season amid widespread price declines. Online inflation fell 1.9% in November, the biggest year-over-year decline in 31 months, according to Adobe Analytics.

“Price drops in categories such as toys and electronics accelerated demand in November,” Adobe reported, noting that computers and electronics saw the largest year-over-year price declines. other since 2014. Toy prices fell 7.7% year-over-year and sporting goods prices fell. 5.7%.

Retailers awash with excess inventory are expected to continue marking goods through the end of the year as consumers shift from buying sofas and clothes to spending on travel and experiences – where prices are not down for now.

In other areas, price increases are moderating as global supply chains work and commodity and shipping costs come down. Soaring rent and auto prices continue to rise, but more slowly. After hitting a record high this summer, chicken prices have fallen sharply. And according to real estate site RealPage, apartment rents have fallen for three consecutive months.

The main inflation indicators, although stubbornly high, showed signs of peaking. The Federal Reserve’s favorite gauge of inflation, the PCE price index, rose 6% in October from a year ago and posted the smallest monthly gain in more than a year. The final consumer price index report for the year is out on Tuesday, and the producer price index also showed signs of slowing, to 7.4% from an annual rate of 8, 1% in October.

Yet, given that the Federal Reserve has raised interest rates six times this year, there is still a long way to go and inflation remains the number one problem for Americans. In the latest CNN poll, the current cost of living is an almost universal concern, with 93% saying they are at least somewhat concerned about it, including 63% who say they are very concerned.

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