Inflation & Prices
Inflation at 3% Flags End of Emergency, Turning Point for Fed
- Headline rate lowest since March ‘21, and core measure cooled
- Fed hike this month still likely; may be last, economists say
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The US inflation rate slid to a more than two-year low, a major step toward ending the cost-of-living emergency — and possibly the Federal Reserve’s historic monetary tightening, too.
At 3% last month, consumer-price inflation is now just one-third of the level it reached a year ago, which was the highest in four decades. And the details for June were also better than expected, with key measures of underlying inflation coming in below forecasts.