The Consumer Price Index (CPI) grew at an annual rate of 3 percent in June, the smallest increase since March 2021 and well off the recent peak rate of 9.1% seen in June 2022 (9.1% was the fastest …
The core rate, which strips out the volatile categories of food and energy, increased by 4.8%, the lowest core inflation has been since October 2021 and a significant improvement from its recent peak level of 6.6% in October 2022.
Despite the improvement, I continue to hear from people who say things like, “But everything is still so expensive!” Of course, some things cost a lot more than they did prior to the pandemic, like housing prices, childcare, and car insurance, not to mention some of the still sky-high prices on menus.
We started the year with economists and analysts almost uniformly predicting that the economy would fall into a recession in 2023, but it most certainly has not done so yet.
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