Shelter costs are still high, but insurance rates are finally moderating. (iStock)
The annual inflation rate fell below 3% in July for the first time in over three years, according to the Consumer Price Index (CPI) released by the Bureau of Labor Statistics (BLS).
On an annual basis, prices rose 2.9% in July, a slight softening from the 3.1% growth the previous month. On a monthly basis, prices increased 0.2% after dipping 0.1% in June. The last time the overall CPI inflation rate was less than 2.9% was in March 2021. Core inflation, which excludes more volatile food and energy prices, increased 0.2% monthly in July.
Inflation is moving closer to the Federal Reserve’s 2% target, but prices remain high on many essentials. The stickiest piece of the puzzle remains shelter costs, which rose by 0.4% in July and accounted for 90% of the monthly inflation increase. It also rose more…
