Inflation: Biggest change since 2021 | LiveNOW from FOX

Inflation: Biggest change since 2021 | LiveNOW from FOX
Inflation fell in July to the lowest level in more than three years, a welcome sign for the Federal Reserve even as prices remained uncomfortably high for millions of Americans.

To determine how inflation is impacting people in different cities, WalletHub released an updated report Wednesday, comparing 23 major metropolitan areas across two key metrics related to the Consumer Price Index (CPI), which measures inflation.

The personal finance company compared the CPI for the latest month to different timeframes to get a snapshot of how inflation has changed in the short and long term for the cities studied.

"The current inflation rate provides insight into ongoing economic challenges and potential future trends. Persistently high inflation rates suggest that supply chain disruptions, labor market imbalances, and energy price volatility are significant issues that may take time to resolve," Doron Narotzki, an associate professor at the University of Akron, said in a statement. "However, if inflation begins to stabilize and decrease, it may signal that the economy is adjusting and that the measures taken to control inflation are effective."
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