on. gasoline prices appear to be creeping back up. $3.52 a gallon on average a month ago. $3.74 a week ago. $3.83 is the current average. what does that tell you during this major summer travel season, mitch? last week i think it was over the weekend opec announced they would cut back production and i immediately jumped on twitter and said, here we go. certainly the oil exists on the planet, is just a matter of getting it out of the ground and getting it in the form of gasoline. it is certainly inflationary. it is something that everybody feels. inflation slowing down to 3% for consumers, that is not the case when they are paying $0.50 more at the pump. it may be another $0.50 after that if opec continues to cut production. downgrading from aaa to aa. why does that matter, mitch?
percent. markets coming up after a strong jobs report. and a critical debt ceiling agreement. dow nasdaq finishing 2% higher. the s&p notching its best week since march. inflation, gas prices steadied overnight at $3.52 per gallon. data and weekly jobless claims intact this week. we ll keep a closer eye on the developers conference that happens later today. while some products have gotten cheaper at the grocery store lately americans are feeling inflation hit the wallets. course to the usda, food prices are expected to increase 6.3% in 2023 and one item in the spotlight. beef. a recent wall street journal arm noting that beef prices have climbed 20% since 2020 and they could go higher. let s bring in an economist from the europe federation.
president joe biden announced immediate action monday. it could come as soon as december 9th. it could cause food shortages, price hikes and they could extend the negotiations to keep the railroads going. labor and management agreed to a tentative deal back in september. good news for those planning to travel this holiday season in the u.s. gas prices keep on falling. aaa says a gallon of regular unleaded is $3.52. that s down almost 25 cents from last month. and that s because oil prices continue to fall. on monday west texas intermediate crude was trading at $74. brent crude, $81 a barrel. the protests and lockdowns in china have investors concerned about low demand. ahead on cnn, rock star dave mathews among the big names trying to push voters to the
all right, your romans numeral, 5.7%. that s how much the national average cost of a gallon of gas has fallen in the past month. the national average, $3.52. the lowest level since december of last year. looking at stock markets around the world. the hang seng dropped more than 5% reversing serious pessimism. will president xi loosen some of that. stock index futures barely moving here. the dow yesterday tumbled 500 points spooked by protests in china and fed protests in china and staying above trend next year. the nasdaq and s&p 500 falling more than 1%. consumer home prices and kay schiller moment prices due out today. at the moment, oil prices the big story. let s bring in denton