Inflation slows slightly in July as prices increase 8.5% in past year

ABC News’ Alexis Christoforous and Kenneth Moton break down the latest inflation report, which showed inflation slowing in July from the previous month.
4:33 | 08/10/22

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

Comments
Related Extras
Related Videos
Video Transcript
Transcript for Inflation slows slightly in July as prices increase 8.5% in past year
LABOR MARKET, WHERE JOBS ARE BLOOMING AND AMERICANS ARE WORKING. WE'RE SEEING SOME SIGNS THAT INFLATION MAY BE BEGINNING TO MODERATE. THAT'S WHAT HAPPENS WHEN YOU BUILD AN ECONOMY FROM THE BOTTOM UP AND MIDDLE OUT. THE WEALTHY DO VERY WELL AND EVERYONE HAS A CHANCE. IT GIVES EVERYONE A CHANCE TO MAKE PROGRESS. >> FOR MORE, WE BRING IN BC NEWS AS KENNETH MOTEN AND BUSINESS REPORTER ALEXIS CHRISTOFOROUS. GREAT TO HAVE YOU BOTH. ALEXIS, IF WE PUT UP THESE BOARDS OF THE STOCK MARKET, MUCH HIGHER TODAY, INVESTORS SEEM CHEERED BY THIS COOLER INFLATION REPORT. THERE IS THE GREEN ON THE SCREENS. BUT WHO IS MORE CONCERNED ABOUT INFLATION, YOUNGER OR OLDER GENERATIONS? DO WE KNOW? >> I THINK WE CAN FAIRLY SAY EVERYONE IS CONCERNED, BECAUSE EVERYONE IS AFFECTED. WHETHER AN OLDER PERSON LIVING ON A FIXED INCOME OR A YOUNGER PERSON STARTING OUT WITH THESE HIGHER PRICES WE'VE SEEN IN 40 HOURS. IT'S SIMPLY INESCAPABLE. LOOKING AT THE REPORT WE HAVE THIS MONTH, INFLATION ABATE HAVE PERCENT YEAR OVER YEAR, HARDLY SOMETHING WE WANT TO BE TRAINING ABOUT BECAUSE IT IS STILL NEAR A 40 YEAR HIGH. ALTHOUGH WE ARE SEEING THE RISE AND PRICES STARTED TO SLOW. SO, IT'S A SMALL WIN BUT WE'RE GOING TO TAKE IT. HERE, YOU SEE CAST PRICES, BIG REASON WHY THAT NUMBER STARTED TO PULL BACK. DOWN 7.7% AS WE ALL GET TO GET A LITTLE RELIEF, FINALLY, AT THE GAS PUMP OF GAS PRICES NOW AVERAGING ABOUT $4 A GALLON NATIONWIDE. A FAIR IS DOWN 7.8% AFTER JUMPING EARLIER. BUT LOOK, MORE ESSENTIAL STILL GOING UP. FOOD UP BETTER THAN 1%. RENT, WHICH IS ABOUT 40% OF THIS PARTICULAR INDEX, UP SEVEN TENTHS OF A PERCENT. SO, THERE IS STILL A LOT OF WORK TO BE DONE. >> YEAH, ALEXIS, AS WE HAVE POINTED OUT WITH FOOD AND RENT, THAT LEAVES A LOT OF FAMILIES WITH NOT A LOT OF FLEXIBILITY. ON THIS POINT OF POTENTIAL OPTIMISM, KENNETH, WE KNOW PRESIDENT BIDEN IS HOPEFUL ABOUT AN ECONOMIC RECOVERY. WEATHER POLLS SHOWING, WHAT ARE YOUR SOURCES SAYING ABOUT AMERICANS A SHARING HIS SENSE OF OPTIMISM. >> WELL, THE PRESIDENT IS HOPEFUL AND HE'S HOPING HIS OPTIMISM RUBS OFF ON THE AMERICAN PEOPLE. HE'S SEEN THE NUMBERS, WE'VE ALL SEEN THE NUMBERS. 62% OF AMERICANS DISAPPROVE OF THIS PRESIDENT'S HANDLING OF THE ECONOMY. LESS THAN THREE MONTHS AGO INTO THE MIDTERMS, THAT'S STILL NOT GOOD NEWS FOR THE PRESIDENT. BUT HE'S HAD QUITE A FEW MAJOR LEGISLATIVE VICTORIES AT THIS POINT. AMERICANS NEED TO FEEL THE IMPACT OF THESE LAWS IN THEIR HOMES, DEIRDRE. >> THAT MAKES SENSE, KENNETH. WE'LL SEE WHAT HAPPENS, AS YOU SAY, WITH MIDTERMS. IN THE MEANTIME, ANOTHER BIG CALENDAR DATE. WE KNOW SOME SCHOOLS ARE REOPENING, DEPENDS WHERE YOU LIVE IN THE COUNTRY. BUT HOW IS INFLATION AFFECTING HOW PARENTS ARE SHOPPING FOR THEIR KIDS? >> LIKE I SAID EARLIER, IT IS INESCAPABLE, THESE HIGHER PRICES. SO, BACK TO SCHOOL SUPPLIES IS NOTHING DIFFERENT THERE. WE'VE GOT A BASKET OF ROUGHLY A DOZEN DIFFERENT SCHOOL SUPPLIES AND OVER ALL THEIR UP ABOUT 15%. BACKPACKS ARE GOING TO SET YOU BACK, THEY'RE UP 12%. THE AVERAGE BACKPACK IS GOING TO COST YOU 70 BUCKS. IT LOOKS LIKE AMERICANS ARE GOING TO BE SPENDING $170 MORE AND BACK TO SCHOOL SUPPLIES THAN THEY DID PRE-PANDEMIC. 60% OF FOLKS OUT THERE SHOPPING SAY THEY ARE LOOKING FOR SALES, THEY'RE LOOKING FOR COUPONS. THEY'RE ALSO TURNING TO, YOU KNOW, STORE BRANDS AS OPPOSED TO SOME OF THE MORE WELL-KNOWN BRANDS. THEY'RE LOOKING FOR ANY WHICH WAY THEY CAN SAVE. GOING TO STORES LIKE DISCOUNT STORES LIKE WALMART AND TARGET. I DON'T KNOW ABOUT YOU, BUT I HAVE NOT STARTED MY LIST YET. I'M HOLDING OFF BUT I HAVE TO GET THERE AT SOME POINT. >> ALL THOSE TIPS ARE IMPORTANT. CAN, IF I WANT TO ASK YOU ABOUT THIS IDEA. THE INFLATION REDUCTION ACT. YOU'VE BEEN FOLLOWING IT FROM D.C., WE KNOW IS NOT LIKELY TO HAVE A SHORT TERM EFFECT, AS ALEXIS WAS TALKING ABOUT WITH BACK TO SCHOOL. WHAT IS THE LONG TERM, BEST VIEW? >> WELL, THE VIEW HERE IN WASHINGTON ABOUT THIS INFLATION REDUCTION ACT IS THAT DEMOCRATS LOVE IT, REPUBLICANS HATE IT. SUMS UP WASHINGTON. YOU KNOW THAT THIS ACT DOES A NUMBER OF BIG THINGS ON CLIMATE AGENDA FOR HEALTH CARE. BUT ON INFLATION, AS HE JUST POINTED OUT, AS ALEXIS HAS POINTED OUT THROUGHOUT THE DAY BEFORE HERE ON ABC NEWS LIVE, THE EXPERTS SAY WILL DO LITTLE TO BRING IMMEDIATE RELIEF. HOUSE DEMOCRATS ARE HOPING TO GET IT DONE IN THE COMING DAYS AFTER SENATE DEMOCRATS PASSED IT OVER THE WEEKEND. THE HOUSE IS BACK FRIDAY, SO WE WILL SEE HOW LONG IT TAKES. >> KENNETH, THANK YOU. ALEXIS, THANK YOU. GOOD TO HAVE YOU BOTH HERE. TURNING TO THE WHITE HOUSE. THE PRESIDENT SIGNING THE PACT ACT INTO LAW JUST A FEW HOURS AGO. THE LEGISLATION WILL HELP VETERANS WHO ARE EXPOSED TO TOXINS DURING THEIR TIME IN THE U.S. ARMED FORCES. BIDEN ADDRESSING THE CROWD, PRAISING ALL VETERANS FOR THEIR SACRIFICE AND SERVICE. >>

This transcript has been automatically generated and may not be 100% accurate.

{"duration":"4:33","description":"ABC News’ Alexis Christoforous and Kenneth Moton break down the latest inflation report, which showed inflation slowing in July from the previous month.","mediaType":"default","section":"ABCNews/Business","id":"88213797","title":"Inflation slows slightly in July as prices increase 8.5% in past year","url":"/Business/video/inflation-slows-slightly-july-prices-increase-85-past-88213797"}