Inflation Slowed to 2.9% In July, Lowest Since 2021

August 14, 2024 Democrats, Economy

Consumer prices rose 2.9% in July compared to a year ago, cooling slightly from the previous month and extending a monthslong slowdown of price increases. The fresh inflation reading is the lowest since March 2021. The consumer-price index lands just below the 3% rate that economists had expected.

Inflation has slowed for five consecutive months, reversing a surge in prices that took hold at the outset of this year. Price increases have cooled significantly from a peak of more than 9%, but inflation remains a percentage point higher than the Fed’s target rate of 2%.

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BREAKING: New data shows inflation cooled in July, reaching the lowest level since March 2021.@eschulze: “This is a report that shows inflation is moving in the right direction.” pic.twitter.com/mRo8JP60la

— ABC News Live (@ABCNewsLive) August 14, 2024