Source: Baltimore Sun

Excerpt:

The numbers are in. The Inflation Reduction Act has, in fact, helped to reduce inflation. The most recent numbers from the Federal Reserve show year-over-year inflation standing at just 3%. When the Inflation Reduction Act was passed one year ago, inflation stood at a whopping 9%. The Inflation Reduction Act helped achieve this dramatic decline through specific policies to reduce costs in two critical sectors of the economy: energy and health care.

In July of 2022, a spike in oil and gas costs from the war in Ukraine caused U.S. energy prices to increase 32% in a single year, one of the single biggest drivers of overall inflation. Then tax credits in the Inflation Reduction Act made it possible for the first time to buy a new long-range all-electric vehicle for under $20,000. As a result, electric car sales jumped 63% this year and more Americans than ever are driving on electricity, which is half the cost of gasoline per mile traveled. More electric cars on the road reduces the demand for oil, which lowers the cost of gasoline for everyone.

Read more: Inflation Reduction Act helped make America healthier