Annual US inflation falls to 3-year low, clearing the way for the Fed to begin cutting rates
Elise Lacroix, owner of Stop & Go in Brattleboro, Vt., changes the oil on a vehicle at her shop on July 15, 2024. (Kristopher Radder/The Brattleboro Reformer via AP, File)
WASHINGTON (AP) — Year-over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September.
Wednesday's report from the Labor Department showed that consumer prices rose just 0.2% from June to July after dropping slightly the previous month for the first time in four years. Measured from a year earlier, prices rose 2.9%, down from 3% in June. It was the mildest year-over-year inflation figure since March 2021.
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