expanding 0.1% for the quarter. futures leading a little higher after yesterday s rally. t all finishing up 1%. and investors are expecting a moderation in up canner prices. a sign inflation is easing. forecasts coming in at 6.2 inflation, lowest since october of 2021. and meantime ford has announced that it will slash 3100 jobs in europe to lower costs and boost profit. an gas prices fell a penny overnight now at $3.41 a gallon. today we ll get the consume her price index report, critical for the fed, helps determine whether the fed will continue to raisin investor rates aggressively. fw greg mcbride is joining us. good morning. so you think that there could be a risk of the cpi number disappoints today. why? yeah, last month for example
if you ve been to the grocery store, filled up your gas tank recently, you probably noticed the prices have dropped a little bit. certainly the average for a gallon of gas is $3.41 down more than 30% from the high this summer, lower than when russia invaded ukraine. that is on top of falling prices for food and used cars and housing, and slowing inflation, at least for now is what we re seeing. let s bring in christine romans with romans for more. don was like it s your read. i m like you re next poppy. the washington post here s the first paragraph of their big above the fold story. the price of gas is dropping like a rock, chicken wings are a bargain and retailers are drowning in inventory. my groceries still feel expensive. it s too soon. the takeaway here is inflation is moderating, that s what we want to see. gas prices, best place to see
the tactic this year is they lower a lot of the markets will lower the price of the turkey t get you in the door you buy the turkey but that you get the res of it at a high-priced ricky it s like selling beer for a dollar and then getting them with the food. this is what they re telling us the average cost has been over the past three years. use either 2020, $4.96, this wa to feed ten people. i don t use in feed ten people for that. last year, $53.41. in 2022, if you have $63 freigh it s cost me a bunch more than $64 to feed them so i don t get to, but you see where it s going . people are figuring out how to make transitions. the prices have gone up a ton . there saying it could hypothetically be less expensiv to go out to eat at restaurants as opposed to cooking to yourself. now i want to do the fun
if you do get canceled or delayed and you need to switch flights, it s a lot harder if your bags are already checked. also driving. 49 million americans will be driving at least 50 miles or more to get to their destination to see loved ones. in terms of the higher congestion periods, 11:00 a.m. to 8:00 p.m. on wednesday. thanksgiving, 11:00 a.m. to 3:00 p.m. if there is a silver lining, it s the gas prices. the average, according to aaa, is $3.66 compared to a week ago at $3.77, compared to a month ago, closer to the range of $3.82. a year ago, $3.41. still more expensive than a year ago but a bargain compared to recent months. people are buckling up, trying to see their loved ones and trying to make sure it s as smooth as possible. fingers crossed. back to you. that s right. we re all fingers crossed. turning now to the serious murders of four university of idaho students, a memorial service will be held today for
meanwhile, as we mentioned, joe biden is going to hit the road and do a victory tour starting on thursday in montgomery county in maryland. one of the things he is going to talk about is, you know, i was able to bring down the cost of gas about 75 cents. you have heard his advisers sayings the prices of gas are down, down, down, when you take a look. today the price, according to a.a.a. is 390. a month ago as is you key 3.41. also 70 cents higher than it was a year ago at this time. one of the reasons you look at diesel it s still close to 5 bucks and a year ago it was 3.28. you have got to keep in mind the reason people are driving less is because the price is so high. it s also supply and demand. that s what is forcing the price down. katie: yeah. steve: there is also the issue it looks like it s going to boomerang. what has the driver there? they have not increased