Consumer price growth slowed last month

(NBC, KYMA/KECY) - A major inflation indicator is at it's lowest level since the pandemic.

According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) cooled to 2.9% in July. That's down from 3% in June and it's the first time the index has dipped beneath 3% since March 2021.

A key factor in the lower CPI is groceries, which posted a negligible growth rate of one tenth of a percent over June.

Economists point to a lower CPI as a sign that inflation is finally letting up, which could put pressure on the Federal Reserve to cut interest rates as soon as next month.