and if you drill down even further, generally speaking, food prices have been on the decline, but anybody who commutes by car, myself included, or frequents gas stations knows that on a shorter term basis we have seen prices for gasoline moving higher. now, according to aaa, the current national average for a gallon of regular unleaded is $3.73, that s up from $3.58 a week ago, but still a lot lower than the $4.27 this same time last year. so, traders and investors have been reacting positively to that lower inflation read, markets are moving to the upside. there is slightly more comfort, jose, in knowing that inflation is cooling, while the economy still remains in modest growth so mode. so we ll see whether that jobs market can keep things going in the right direction, jose. dominic chu, thank you so very much. this morning, the lethal heat is taking its toll in arizona, prompting one county to have refrigerated containers
cheaper than the sky high prices last year. last year we were planning to go to arcadia in maine, and when we thought about how much it would cost, we said let s wait, so we re actually leaving next week. reporter: the cost of a gallon of regular is $3.58. that s down $1.43 from last the $5 a gallon it cost last summer. if you are planning a summer car trip, this is a great year to do it. reporter: andrew gross from aaa says the biggest factor for this decline at the pump is the cost of crude oil. last summer we were still dealing with the oil shock from russia s invasion of ukraine. the reason that happened is russia is one of the leading producers of oil. reporter: though the war rages, russian oil supplies are steady. demand for gas in the u.s. is relatively low, keeping prices down. also impacting summer travel, the cost of a new car is up nearly 5%. and auto insurance rates are up a staggering 17%. experts say the rising cost of
$142,000 in 2021. annual vanguard report shows the numbers are even worse when you look at median balance, it was just over $27,000 last year. got to keep saving. asian markets finished higher. china expected to unveil fresh stimulus to kick start its slowing economy. european markets also slightly higher as traders digest a rate hike by european central bank. stock index futures are moving up. it was a relatively strong day in markets yesterday. the s&p 500, nasdaq closed at their highest in 14 months. the dow ended the day up more than 400 points. mortgage rates ticked down for the second week in a row. 30 year fixed at 6.69%. and gas prices fell another penny overnight, $3.58 a gallon there. this week inflation cooling but still too high, the fed
on inflation watch gas prices held steady at $3.58 a gallon, but you can see it is down more than a dollar and change from a year ago. oil prices also below $70 a barrel on tenk tensions betweeni arabia and arabia. job openings are due out later and that will give us a sense of how the krob job market is doin. democrats and republicans had to find middle ground address one of the consequences is more than 20 build in lost funding for the irs. 1.4 billion would be needimmediy be rescinded. let s bring in senior economist and tax foundation independent nonprofit tax policy research organization. good morning. good morning. so we know the irs got this $80 billion infusion in the inflation reduction act. and this was something that the
airline seats are going to go fast. the hotel rooms are going to go fast. you want to book your vacation plans this summer as early as you possibly can. reporter: aaa projected over 42 million americans will have traveled 50 miles or more from home this memorial day weekend, a 7% increase from last year. just on the roads according to aaa more than 37 million motorists projected this weekend, up 6% from a year ago. those drivers are getting a pleasant surprise at the pumps. i am surprised, because everything else is going up a lot more. at least gas prices have kind of been stable. reporter: gas prices steeply down from a year ago. the national average today standing at $3.58 a gallon for regular according to aaa, down more than a dollar from the average at this time last year which was $4.60 a gallon. analysts say there are several reasons. the global price per barrel of oil is lower than last year and