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Inflation drops below 3% for the first time since 2021

By Joe HitiAug 14, 2024

A break may finally be coming for consumers who have faced high prices at the pump, the grocery store, and everywhere in between as inflation has fallen below 3%.

According to the Bureau of Labor Statistics, the Consumer Price Index rose 2.9% in the 12 months through July, the smallest annual increase reported by the bureau in more than three years.

Inflation has been a constant pest to Americans over the past three years, affecting the price of eggs, housing, gas, travel, and everything else with a price tag. But now, prices appear to be heading in the right direction, which could mean even more relief is on the way.

For months, the Federal Reserve has held key interest rates high as a means to fight rising prices, and Fed chair Jerome Powell has said that for a rate cut to be instituted, he would need to see that inflation was tamed.

Last month, Powell remarked that the Fed needed more confirmation that inflation was cooling, and July’s numbers could serve as that final confirmation.

“If that test is met, a reduction in our policy rate could be on the table as soon as the next meeting in September,” Powell said at a press conference.

As for the other numbers released on Wednesday, Core CPI, which strips out volatile energy and food prices, rose 3.2% last month, compared to 3.3% in June.

This was also the smallest 12-month increase since 2021.

Among the most notable price changes reported by the Bureau of Labor Statistics included a drop in new vehicles, with prices falling 1%, and used vehicles, which saw prices fall 10.9% last month compared to July 2023.

Shelter costs remain stubbornly high, rising 5.1% last month, while energy costs also rose 4.1%.

The next Fed meeting is scheduled for Sept. 17 and 18. Still, Powell is hesitant to promise a rate cut, as he mentioned last month that timing is key in slashing rates, as being late or early could hurt the economy further.

“We know that reducing policy restraint too soon or too much could result in a reversal of the progress we have seen on inflation,” Powell said at the end of July. “At the same time, reducing policy restraint too late or too little could unduly weaken economic activity and employment.”

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