Latest inflation report expected to show slow down of high prices
A good indicator of what we can expect from the latest inflation report is gas prices.
Economists said since gas prices are so visible and gas is purchased so frequently, these prices have a major impact on the perception of what we pay everywhere else.
Inflation data from May is expected to show that the price increases consumers have seen for the past two years are slowing down.
Experts are predicting to see just a 0.1% increase from last month.
Taking a look at gas prices today, things are looking much better than a year ago.
On June 13, 2022, we we're paying $4.67 per gallon, which is the highest gas price average North Carolina has ever seen. Nationwide, drivers were paying, on average, more than $5 per gallon.
Today, exactly one year later, the average price of gas in Raleigh is $3.33.
AAA said oil prices are low, which means gas prices are slowly decreasing -- despite demand being at its highest since 2021.
This trend could continue, and we may continue to see prices fall.
By no means are we in the middle of a fuel free fall, but prices are trickling downward -- very slowly.
The good news is that gas prices are falling, and that's welcome news for travelers.
Tuesday's report is expected to convince policymakers to skip a rate hike at its meeting this week. That report will be released at 8:30 a.m.