U.S. inflation reached a three-year low, with a year-over-year increase of 2.5% in August, the lowest since February 2021. Consumer prices rose by 0.2% from July to August, while core prices increased by 3.2% over the past year. The Federal Reserve is likely to implement a modest quarter-point interest rate cut to stimulate economic growth and support the job market. The decrease in inflation aligns with political discussions, as former President Donald Trump targets Vice President Kamala Harris for rising prices, while Harris pushes for housing subsidies. Gas prices fell by about 10 cents in August, averaging $3.29 per gallon, aiding in the lower inflation rate. Grocery prices and rent are projected to rise at a slower pace, despite food costs still being about 20% higher than pre-pandemic levels. Wage growth for Americans stands at an average of 3.5% annually, which has eased inflationary pressures, but increased reliance on debt has led to growing concerns about consumer spending and potential job cuts.
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