Inflation dipped below 3% for the first time in three years, and that, combined with other economic indicators, may push the Fed to slash interest rates more than once.
The annual inflation rate fell below 3% in July for the first time in over three years, according to the Consumer Price Index released by the Bureau of Labor Statistics .On an annual basis, prices rose 2.9% in July, a slight softening from the 3.1% growth the previous month. On a monthly basis, prices increased 0.2% after dipping 0.1% in June. The last time the overall CPI inflation rate was less than 2.9% was in March 2021.
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