Inflation May Be At A Turning Point

Inflation didn’t rise between June and July. New figures from the Labor Department’s consumer price index suggest rising prices may finally be at a turning point.

Brian Bethune, an economist at Boston College, made the remarks saying it’s a good sign.

He explained, “We are at a major turning point in terms of inflation. It’s one month. One month does not make a trend, but I also project that the inflation rate will moderate in August, because we’re seeing further declines in gasoline prices. So it’s looking like we’ve turned a corner.” Larry Summers, the former Treasury secretary, also said, “Look, I think this was a pretty good number.”