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US Inflation declines again, could prompt Federal Reserve to cut rates

US Inflation declines again, could prompt Federal Reserve to cut rates

Posted on July 18, 2024   |  

US inflation decreased in June for the 3rd month in a row, indicating that the worst price surge in 40 years is easing and could lead to Federal Reserve rate cuts.

The consumer prices dropped 0.1% from May to June, after being flat the previous month; year-over-year, prices increased by 3% in June, down from 3.3% in May.

The latest inflation figures might convince Federal Reserve policymakers that inflation is moving back to the 2% target.

Earlier this year, a brief rise in inflation led the Fed to reduce expectations for rate cuts, requiring several months of mild price increases before considering rate reductions.

Despite the slowing inflation, costs for food, rent, healthcare, and other essentials remain high, causing public dissatisfaction and potentially affecting President Biden's re-election prospects.

Excluding food and energy costs, core prices went up by 0.1% from May to June, down from a 0.2% increase the previous month; year-over-year, core prices rose by 3.3% in June, down from 3.4% in May.

Inflation is now much lower than its peak of 9.1% in mid-2022, with low unemployment, steady hiring, and strong consumer spending on travel, dining, and entertainment.



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