Inflation has fallen to its lowest level in a year. The release Tuesday of the monthly consumer price index led to a collective sigh of relief from Main Street to Wall Street and at the White House.
Gas prices are now averaging about $3.41 a gallon in New Jersey, less than what was being paid a year ago. However even as inflation cools, prices for food and rent are still higher than they were last year and consumer prices are still up more than 7% over the past year. Still, this report could change the Federal Reserve’s pace of interest rate increases. The Fed will give an update on that Wednesday.
New Jersey’s path to reducing greenhouse gases isn’t without bumps along the way. One case in point — a proposed rule mandating businesses and schools to replace gas boilers with electric ones. Business groups and others opposed the rule because the replacement costs would be expensive. For now, the state has dropped the proposal, leaving some clean-energy advocates upset. Find out more by reading Tom Johnson’s report here.
An experimental skin cancer vaccine developed by Moderna showed promise in a clinical trial — reducing the possibility of recurrence or death in patients — when combined with an immunotherapy drug made by New Jersey-based Merck. Moderna’s vaccine is based on the same technology used in COVID-19 vaccines.
