Inflation rates have decreased across the nation, including in the metropolitan Atlanta area, since reaching their highest point approximately one year ago.
According to recently released data, the Consumer Price Index experienced a 3% increase in the 12-month period leading up to June. This represents the smallest rise since March 2021.
It appears that the worst of the inflation crisis is now behind us. Price increases seem to be heading towards a return to normalcy, although the timeframe for achieving this remains uncertain due to several obstacles that still lie ahead.
A significant contributing factor to the overall decline in inflation is the substantial decrease in energy prices. Specifically, gasoline prices have dropped by 26.5% compared to the previous year.
In the metropolitan Atlanta area, the average price of a gallon of regular gasoline has fallen by over 22% during the same time frame.
Despite this, rental prices nationwide continue to rise steadily, with a 0.5% increase in June, matching the previous month’s pace.
Many economists anticipate that the Federal Reserve will raise interest rates later this month in an effort to further slow down the economy and achieve a 2% inflation target.