US inflation falls to 3-year low, clearing the way for Fed to begin cutting rates

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US inflation falls to 3-year low, clearing the way for Fed to begin cutting rates - Business Mirror

Quick Summary:

WASHINGTON—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.

Gas prices were unchanged from June to July and have actually fallen 2.2 percent in the past year.

And compared with a year earlier, core inflation slowed from 3.3 percent to 3.2 percent—the lowest level since April 2021.