Inflation Reduction Act may have little impact on inflation

By CHRISTOPHER RUGABER and JOSH BOAK
Associated Press Writers

WASHINGTON (AP) — With inflation raging near its highest level in four decades, President Joe Biden is poised to sign into law his landmark Inflation Reduction Act Tuesday afternoon. Its title raises a tantalizing question: Will the measure actually do what it says? Economic analyses suggest that the likely answer is no — not anytime soon, anyway. The legislation, which now heads to the White House for Biden’s signature, won’t directly address some of the main drivers of surging prices — from gas and food to rents and restaurant meals. Still, over time, the bill could save money for some Americans by lessening the cost of certain prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices.