Inflation in the United States may have hit a three-year low in August, underscoring that the rate of price increases is falling back to pre-pandemic levels and clearing the way for the Federal Reserve to start cutting its key interest rate next week.
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The latest inflation figures could inject themselves into the presidential race in its final weeks. Former President Donald Trump has heaped blame on Vice President Kamala Harris for the jump in inflation, which erupted in early 2021 as global supply chains seized up, causing severe shortages of parts and labor.
A big reason why inflation likely fell last month is that gas prices tumbled by about 10 cents a gallon in August, according to the Energy Inflation Administration, to a national average of about $3.29. According to the real estate brokerage Redfin, the median rent for a new lease rose just 0.9% in August from a year earlier, to $1,645 a month. But the government's measure includes all rents, including those for people who have been in their apartments for months or years. It takes time for the slowdown in new rents to show up in the government's data. In July, rental costs rose 5.1% from a year ago, according to the government's consumer price index.
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