Is inflation cooling down?

The CPI report released Thursday revealed the rate of inflation is at its lowest since January—7.7% annually and 0.4% monthly, indicating a slowdown in apparel, used cars, travel, and healthcare.

But the price increase in everyday needs like rent, groceries, and gas remains high.

How did we reach here?
The aggressive federal rate hikes in recent months have helped in taming inflation. There is a possibility that the Fed could slow down on the rate hikes but with their 2% target, we will have to wait and see.

As the cooling inflation signs came two days after the midterms, President Biden said, “It will take time to get inflation back to normal levels — and we could see setbacks along the way — but we will keep at it and help families with the cost of living.”