July’s Consumer Price Index (CPI) report indicated that inflation had continued to slow to its lowest point in three years, with annual price increases down to 2.9 percent and monthly rise in prices at only 0.26 percent. 

This reflects a significant decrease from June 2022, which saw a peak in inflation with a CPI inflation measurement of 8.99 percent. While the monthly rise in prices increased slightly in July, from 0.21 percent in June and 0.19 in May, these still represent a significant decrease from those of a year ago. 

At the same time, according to the Federal Reserve Economic Data database, and its Sticky Price CPI, which excludes several more volatile goods and services (and is less variable itself), annual inflation is still at 4.22 percent. This also represents a decrease from a high of 6.54 percent in December 2024.

Despite the slowing rise, prices remain much higher than they were before the Covid-19 pandemic. The Core CPI for Urban Consumers, which tracks the prices paid for goods excluding food and energy, has increased from 265.796 points in April 2020 (after the Covid recession) to 318.872 today.