Americans may be paying less at the gas pump than they were a month ago, but that relief isn’t showing up in the traditional Fourth of July food spread. According to the American Farm Bureau’s annual cookout survey, a classic Independence Day barbecue for 10 people will cost nearly $74 this year – about 4 percent more than last year – as higher prices for beef, buns and baked beans continue to squeeze household budgets. This contrast highlights where the inflation fight stands today.

The Personal Consumption Expenditures Price Index (PCEPI), the Federal Reserve’s preferred inflation measure, rose 4.1 percent over the past year through May, remaining well above the Fed’s 2 percent target. Inflation has accelerated in recent months, with the index rising at an annualized rate of 5.5 percent in May. This data coincides with the latest inflation report by Florida Atlantic University researchers.

"The decline in energy prices is welcome news for consumers, but it does not necessarily mean the inflation challenge is over," said Eric Van Tassel, Ph.D., associate professor of economics at FAU. "The key question facing the Federal Reserve is whether recent price pressures were temporary or whether inflation has become more persistent across the economy."

Energy prices were a major contributor to recent inflation pressures, but price increases have extended beyond fuel into everyday goods and services, suggesting the challenge facing policymakers may be broader than a temporary shock. That is why consumers may see relief at the pump before they see meaningful relief in their grocery bills, according to Van Tassel.

As the summer progresses, the Fed’s challenge will be determining whether recent easing in energy prices represents the beginning of a broader slowdown – or simply a pause in a longer inflation adjustment. The following table summarizes key inflation metrics:

Anthony Scaramucci warned that rising wealth inequality in the United States could spark intense political and social backlash if the ultra-wealthy do not take steps to share economic gains more broadly. The former White House communications director expressed concern that the concentration of wealth could lead to unrest, citing historical precedents.

Scaramucci warns of rising inequality backlash

In a post on X on Wednesday, Scaramucci stated he is "worried" that more wealthy individuals are not paying attention to rising inequality and its political consequences. "When inequality gets this extreme, history is very clear about what happens next. People show up with pitchforks," Scaramucci wrote.

He identified growing progressive movements, including the "Mamdani movement," as early signals of political anger over wealth concentration. Scaramucci urged wealthy Americans to act before more aggressive policy responses emerge. "My message to super rich people is simple: calm down and figure out a market-based way to spread the wealth," he said. He added that the alternative is someone socialist coming in and decapitating the entire incentive structure.

US wealth gap widens

Recent U.S. and global data indicated that wealth had become increasingly concentrated among the richest households, while most Americans had lagged. The economy remained uneven, with asset owners benefiting most from rising markets, particularly in recent years.

In the U.S., the top 10% held nearly all stock market wealth and had gained more wealth than the bottom 90% combined over the past five years. Wealth had been highly concentrated among a very small number of families at the extreme top, while the bottom half held a tiny share of total wealth.

Separately, Sen. Bernie Sanders (I-Vt.) noted that global wealth has become heavily concentrated at the top, citing data showing billionaires have gained trillions while most people fall behind. Long-term data showed U.S. wealth gains overwhelmingly benefiting the richest households since 1976, while average and lower-income groups saw far slower growth. Together, these remarks highlight growing concerns that AI and financial markets may deepen inequality without policy intervention.