U.S. inflation falls to 3%, lowest level in more than 2 years, as price pressures ease

The year-over-year inflation figure for June marked the mildest such increase since March 2021, when the current bout of painfully high inflation began as the economy roared out of the pandemic recession.

Some economists have suggested, though, that if inflation keeps slowing and the economy shows sufficient signs of cooling, the July increase could be the Fed’s last.Article content A sustained slowdown in inflation could bring meaningful relief to American households that have been squeezed by the price acceleration that began two years ago. Inflation spiked as consumers ramped up their spending on items like exercise bikes, standing desks and new patio furniture, fuelled by three rounds of stimulus cheques. The jump in consumer demand overwhelmed supply chains and ignited inflation.

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