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Andrew Ackerman reports that drivers are currently paying an average of just over $4 per gallon for gasoline in the U.S., which is about 50 cents lower than this year’s peak.
However, gas prices remain nearly a dollar higher than they were a year ago, before the U.S. and Israel launched attacks on Iran in late February.
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Ackerman previously noted that upcoming CPI data could shape the September FOMC meeting. He has also described how Federal Reserve reporters prepare different story versions ahead of major policy decisions. These earlier reports provide context for the current focus on fuel prices and economic data.