Gas prices are lower, but for the Fed and consumers, commodities still control inflation’s future

Commodities have been the heart of the inflation boom.

June’s inflation report said nearly half of higher prices in the CPI index were due to energy commodities like oil and natural gas, though many are now off their recent highs.

While rent and services make up a rising share of inflation, the Fed outlook and action still depends heavily on whether commodities bounce back, or keep fading.
https://www.cnbc.com/2022/07/25/for-...ies-story.html