Inflation Reduction Act may have little impact on inflation

(AP) — With inflation raging near its highest level in four decades, President Joe Biden on Tuesday signed into law his landmark Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households? Economic analyses of the proposal suggest that the likely answer is no — not anytime soon, anyway. The legislation won’t directly address some of the main drivers of surging prices — from gas and food to rents and restaurant meals. Still, the law could save money for some Americans by lessening the cost of prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices.