US Inflation is Moving in the Right Direction

The White House welcomed new economic data released Wednesday showing year-on-year inflation hit its lowest level in more than three years in July, the latest sign that the worst price surge in four decades is fading and the Federal Reserve will cut interest rates in September. The Labor Department’s report Wednesday showed consumer prices rose just 0.2% from June to July after falling slightly in the previous month. Measured from a year earlier, prices rose 2.9%, down from 3% in June. That was the smallest gain since March 2021. Speaking to reporters, Council of Economic Advisers Chairman Jared Bernstein said the U.S. is “moving in the right direction on inflation and doing so with momentum.” But he acknowledged that “while the trends look good, our work is far from done.” The ongoing slowdown in inflation could weigh on the presidential campaign, as former President Donald Trump has highlighted rampant inflation as a major failure of the Biden administration and its energy policies. Vice President Kamala Harris said she would soon unveil new proposals to “bring down costs and also strengthen the economy as a whole.” The government said almost all of July’s inflation reflected rising rents and other housing costs, …

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US Inflation is Moving in the Right Direction

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