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 percent in July compared with a year earlier, the government said Wednesday, down from a 9.1 percent 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 percent from June to July, airfares fell nearly 8 percent, and rental car prices dropped a whopping 9.5 percent. Those price declines followed steep increases in the previous year, after Covid-19 cases eased and travel rebounded. Airfares are still nearly 30 percent higher than they were a year ago.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.