JANS – Inflation is falling while employment remains strong, says President Biden’s economic adviser Kirabo Jackson. Inflation spurred by the pandemic has fallen 65% since last summer. Core inflation is at its lowest level in more than two years. Also, wages are higher than before the pandemic, accounting for inflation.
Gas prices are $3.35, down $1.65 from their peak after Putin’s invasion of Ukraine providing breathing room to families ahead of holiday travel.
According to Jackson, grocery inflation is at its lowest level in over two years with egg and milk prices lower than they were a year ago.