Gas Prices Surge 24.6% over 12 Months as Inflation Stays Elevated

Inflation cooled slightly in July, but American consumers are still facing significantly higher costs. New Consumer Price Index data show inflation running at 3.4% over the past 12 months, while gasoline prices surged 24.6%. On The States, Greg Bishop speaks with Ben Johnston, CEO of a small business lender, about what the latest inflation numbers mean for consumers, small businesses and the broader U.S. economy. Energy prices are a major concern because higher gasoline and diesel costs can ripple through the entire economy—from transportation and production to the prices consumers pay for everyday goods. The discussion also examines the Federal Reserve's 2% inflation target, interest rates, housing costs, consumer purchasing power, tariffs, unemployment and the challenges small businesses face as operating costs remain elevated. Key topics: • July inflation and the Consumer Price Index • Gas prices up 24.6% • The Federal Reserve's 2% inflation target • Housing and shelter costs • Food prices and used vehicles • Small business costs and cash flow • Interest rates and the economy • Consumer purchasing power • How inflation affects American taxpayers Subscribe to The States for more coverage of the economy, government spending, taxes, business and the issues affecting American taxpayers.