House set to vote on ‘Inflation Reduction Act’

WASHINGTON, D.C. (NBC) – There are fresh signs Friday morning that the economy jolted by historic inflation may finally be starting to pump the brakes on runaway prices.

Gas just dipped below $4 a gallon for the first time in months. And now, the price that producers pay to make goods also dropped for the first time in years.

For an American economy that’s been beaten up by soaring inflation, there are critical clues this morning that things may be slowly improving. And hope is on the horizon for businesses battling inflation.

Brian Hershey is the owner of Billy’s Stone Crab Inc. in Hollywood, Florida. He’s cautiously optimistic that inflation will turn a corner and he can drop prices like the signature stone crab now at

$51 a pound. He said lower fuel bills help immensely, but it’s part of a larger picture.

“Labor costs are still very high,” Hershey said. “Packaging supplies are much higher than they were, food costs are still really high although we are starting to see a little relief in that area as well.”

Later Friday, the House will vote on the Inflation Reduction Act that’s already cleared the Senate, which — among other things — will provide tax credits for cleaner homes and cars, and ultimately cap Medicare drug costs.

Skip to content