RICHMOND, Va. — Virginia's inflation rate is lower than the national average, according to the Weldon Cooper Center at the University of Virginia, but prices are still rising.
The Bureau of Labor Statistics reports inflation cooled to an annual rate of 3.4% last month, but that's not enough relief for most Americans, who saw an average salary increase of only 3.2%.
Virginia's Department of Labor reports the state's labor force is also dropping. At the same time, grocery prices slightly dropped but remain higher than this time last year for most items, including lunch meat, juices, and fresh fruits and vegetables.
"Inflation is kind of a lagging indicator from a consumer sentiment point of view, right? I mean, we talk about numbers, we bandy about all these statistics, but at the end of the day, it's how you feel," said Rana Faroohar, columnist with Financial Times Global Business.
July's inflation rate was driven in part by gas prices dropping, but due to tensions in the Strait of Hormuz, it is unclear how long that could last. Virginia's gas prices are averaging at just under $3.80 per gallon.
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