Inflation Slows to Lowest Rate Since February 2021: Key Insights on Economic Trends
Wednesday, 11 September 2024, 05:32
Understanding Recent Inflation Trends
Inflation continues to loosen its grip on American consumers, with price hikes slowing by the most in three and a half years. The Consumer Price Index, a measurement of price changes for a commonly purchased basket of goods and services, briskly retreated from a 2.9% rate in July to 2.5% in August, the lowest since February 2021 and a rate that matches the average seen in 2018, according to Bureau of Labor Statistics data released Wednesday.
Monthly Price Changes
- On a monthly basis, prices rose 0.2%, unchanged from July.
- Economists were expecting the annual rate would slow significantly last month to 2.6% annually, according to FactSet.
- This is partly due to favorable year-ago comparisons: Last summer's gas price spike jolted inflation higher in August 2023.
This story is developing and will be updated.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.