Aug. 2. The Bureau of Economic Analysis reported that the GDP contracted .9 percent in the second quarter of 2022, following a steeper dip of 1.6 percent in the first quarter of the year. That comes on top of other negative trends, including a 9.1 percent increase in inflation in June 2022 compared to June 2021 and three consecutive months during which consumer confidence declined, mostly due to the rising cost of gas, food and other commodities. According to NC State Treasurer Dale Folwell, health care inflation has been lagging, coming in at 3.2 percent year over year. “It is expected to accelerate next year as many medical service contracts are tied to the calendar year and the recent record-breaking inflation has not yet worked its way through the health care system,” he said.