Inflation is below 3%.
According to the Bureau of Labor Statistics, the seasonally adjusted consumer price index (CPI) rose by two-tenth of 1% in July, dropping the inflation rate over the last 12 months to 2.9%. This is the first time inflation has been below 3% in more than three years. It is important to note that this does not mean prices are decreasing; the last calendar year with negative inflation was 1954, and that was not a good year as the economy was in a recession part of that year.
Click here for the latest Lehigh Valley Economic Review.
Listen to Economic Pulse Fridays at 5:44 PM during All Things Considered; Mondays at 7:30 AM during Morning Edition.
(Original air-date: 8/16/24)
