In the middle of last year, inflation reached its highest peak in 4 decades, but now the rate has fallen to 3% due to lower energy prices and an increase in interest rates by the Fed.
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According to the US Bureau of Labor Statistics (BLS), inflation fell to 3% in June, reaching its lowest level since before the pandemic.
A year ago, inflation reached 9.1% —its highest level in the last four decades— but as a result of the rise in interest rates by the Federal Reserve (Fed) and lower energy prices, prices began to fall.
In data collected by EFE, energy prices have fallen 16.7% in one year; while food rose 5.7%. Meanwhile, core inflation —which measures prices without considering energy and food— stands at 4.8%.
This inflationary decline could influence the Fed’s willingness to continue raising interest rates. Currently, this is between 5% and 5.25%.
“Our progress creates jobs while lowering costs for families, I will continue to fight to keep those costs lower every day,” added President Joe Biden.
Source: Larepublica
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