The experts say Yes….
THAT could be a Good thing for us the consumer and Kamala Harris and Tim Walz…..
A central issue has plagued the Biden administration for most of its term: the steep rise in grocery prices.
Polls have consistently found that inflation remains a top concern for voters, who have seen their budgets squeezed. A YouGov poll published last month found that 64 percent of Americans said inflation was a “very serious problem.” And when it comes to inflation, several surveys suggested that Americans were most concerned about grocery prices.
Despite the gloom about grocery costs, food price increases have generally been cooling for months. On Wednesday, new data on inflation for July will show if the trend has continued.
Economists in a Bloomberg survey think that inflation overall probably climbed by 3 percent from a year earlier, in line with a 3 percent rise in June. That sort of reading would probably keep officials at the Federal Reserve on track to cut interest rates in September. Investors, who were recently rattled by signs of an economic slowdown, have looked to rate cuts as a support for markets….
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High food costs continue to pose a political challenge for the Biden administration. On the campaign trail, Vice President Kamala Harris, the Democratic presidential nominee, has acknowledged that prices are too high, vowing to take on price gouging on “Day 1.” In recent months, Mr. Biden has accused food and beverage companies of earning excess profits and urged grocery chains to lower costs.
Some food companies have signaled that they plan to slash prices for certain products in response to consumers pulling back on purchases. Last month, PepsiCo executives said they intended to cut prices or offer more sales on certain salty snacks and other products after years of price increases.
Many shoppers remain frustrated, said Christopher B. Barrett, an agricultural economist at Cornell University, as they struggle with broader price increases that strain other parts of their budget.
“Housing costs in particular are up sharply since the start of the pandemic,” Mr. Barrett said. “That crimps people’s ability to buy the food they need.”….