Harrisburg, PA – Upon the release of July inflation numbers by the Bureau of Labor Statistics, Keystone Research Center economist and executive director Stephen Herzenberg issued the following statement:
“Economists expected today’s continuing good news on inflation, which dipped below 3%—to 2.9%—over the 12 months since July 2023. We explained two years ago in The State of Working Pennsylvania 2022 that the high inflation triggered by supply bottlenecks plus corporate price gouging was temporary and would not be sustained—and that expectation has proved accurate. It remains vital that policymakers at the federal and state levels pursue policies to lower the cost of living and of basic necessities for working families. It is also critical that the Federal Reserve Banks, now that inflation is under 3%, cut interest rates substantially in September to stem the rise of the national unemployment rate. Thankfully, the unemployment rate in Pennsylvania remains particularly low. Our state today has the healthiest combination of low unemployment and low inflation that it has had in half a century.”
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