The government reported this week that consumer price inflation slowed in July to an annual rate of 8.5 percent, down from 9.1 percent in June, thanks largely to the drop in gasoline prices. If it persists, the slowdown in inflation could allow the Federal Reserve to ease up on its campaign to raise interest rates.
It would also serve as a victory of sorts for Mr. Biden, who has spent recent weeks trumpeting the drop in gasoline prices, even as he says he expects to do more to bring costs down. Mr. Biden has criticized oil companies for their record profits from high oil and gas prices, and this year he released some of the nation’s stockpile of oil in an effort to keep prices from jumping too fast.
“I’m going to keep doing what I can to bring down the price of gas at the pump,” he said at a briefing in late July.
Even as they watch prices fall, economists and consumers say they wonder if this is a temporary reversal.
“I’m not ready for it to go a little higher again and then I’m over here struggling to fill up my tank,” said Christina Beliard, a 27-year-old fashion influencer in Bridgeport, Conn.
Ms. Beliard bought a Jeep Wrangler last year but now regrets the purchase because the vehicle is not as fuel-efficient as the Toyota Camry she drove before. For work, she sometimes needs to drive to locations for her accounts on TikTok and Instagram, platforms on which she promotes brands, and to attend events in New York City, which is about 60 miles from her home.