Inflation Rate Drops to 3 Percent in June, Yet Recession Still Possible

There's welcome news on the economic front in the form of some financial relief. Inflation across America is at its lowest annual rate in more than two years, as of June, but there could be a ways to go. Although prices are rising at a slower rate, they are continuing to rise. The latest report from the Bureau of Statistics shows inflation rate is slowing, with prices rising at a 3 percent rate, the slowest pace in 2 years. That's thanks, in part, to lower gas prices, airline fares, grocery costs, and even cheaper used cars. The Consumer Price Index shows price increases easing a year after inflation rates spiked to their highest level in 4 decades. The inflation rate is down from a 4 percent annual rate in May. Experts say that means wages are now finally rising faster than prices. Although prices are rising more slowly, shoppers can still expect some sticker shock, compared to pre-pandemic levels.

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