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.
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(Original air-date: 8/16/24)