Year-over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading.
Updated: 1 minute agoFILE - James Pratt, head cashier at Phantom Fireworks in Hinsdale, N.H., helps bag a customer's order on June 28, 2024.
The government said nearly all the increase in the monthly inflation figure reflected higher rental prices and other housing costs, a trend that, according to real-time data, is easing. Gas prices were unchanged from June to July and have actually fallen 2.2% in the past year. Clothing prices also dropped last month; they’re nearly unchanged from 12 months earlier. New and used car prices fell in July, too. Used car prices, which had skyrocketed during the pandemic, have tumbled nearly 11% in the past year.
Fed Chair Jerome Powell has said he is seeking additional evidence of slowing inflation before the Fed begins cutting its key interest rate. Economists widely expect the Fed’s first rate cut to occur in mid-September. Inflation has eased substantially in the past two years as global supply chains have been repaired, a spate of apartment construction in many large cities has cooled rental costs and higher interest rates have slowed auto sales, forcing dealers to offer better deals to potential car buyers.
As inflation continues to decline, the Fed is paying increasingly close attention to the job market. The central bank’s goals, as defined by Congress, are to keep prices stable and support maximum employment.
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