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Prices, on average, didn’t go up in July. That’s terrific news—and much better than I had expected. The Federal Reserve should still continue its aggressive attack on inflation with another 75-basis-point hike at the September meeting. Taken together with recent data suggesting continued inflationary momentum, some easing of recession concerns, and the de facto easing of monetary policy in recent weeks, the case is even stronger.
July was a reprieve for American families. Gasoline prices fell by 80 cents a gallon. Consumers got more relief on everything from airfares to hotel lodgings. Prices are still very high, but that is not a problem that can be solved in a single month.
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