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.
The Labor Department report Wednesday showed consumer prices rose just 0.2% from June to July after dropping slightly the previous month. Measured from a year earlier, prices rose 2.9%, down from 3% in June. It was the mildest gain since March 2021.
The ongoing inflation slowdown could affect the presidential campaign, given that Republican nominee and former President Donald Trump highlights rampant inflation as a key failing of the Biden administration and its energy policies. Democratic nominee and Vice President Kamala Harris says she will unveil new proposals soon to “bring down costs and also strengthen the economy overall.”
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