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We are currently experiencing what we may call a recession right now. But inflation may finally be taking a chill pill thanks to falling gasoline prices and fading chain supply issues.

According to CNN Business, The Survey of Consumer Expectations on Monday showed that expectations of higher prices are easing. Respondents to the Federal Reserve Bank of New York survey in July expect inflation to grow at a 6.2% pace over the next year before falling to 3.2% for the next three years. Those numbers are definitely high, but they're a drop from the 6.8% and 3.6% predicted in the June survey.

“You have about four drivers of inflation right now. You have commodity prices. That’s going away. You have supply chain issues. That’s going away, but you’re still left with housing and the labor market, and that’s going to show up in services inflation,” said Aneta Markowska, chief economist at Jefferies. “You still have a problem with services inflation, and that’s driven by shortages in housing and labor. That’s not going away any time soon, until the Fed manages to destroy demand and that hasn’t happened.”

Mark Zandi, Chief economist at Moody’s Analytics said everyone should expect good news, and if it's not good as it seems then it’s going to be unusually bad news.

As of right now, gasoline prices are about 20% down compared to June 14 when gas was $5.01 per gallon. Though we may be on the road to recovery US inflation has surged to four-decade highs in the past year.

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