Year-over-year inflation in the U.S. recorded a rise of 2.9% in July 2024, the lowest increase since March 2021. The Labor Department reported a consumer price increase of 0.2% from June. Higher rental and housing costs primarily drove this trend, which is beginning to ease. Inflation peaked at 9.1% two years prior. Political discussions about inflation involve former President Donald Trump and Vice President Kamala Harris, who promises new proposals for economic improvement. Core prices, excluding food and energy, rose by 0.2% in July, showing a year-over-year increase of 3.2%. Federal Reserve Chair Jerome Powell is closely monitoring inflation data, with expectations for a potential interest rate cut in September due to recent trends supporting a return to a 2% annual inflation rate. Easing inflation results from better global supply chains, increased apartment construction, and higher interest rates affecting car sales. Certain sectors, such as auto insurance and healthcare, still report price hikes, but stabilization is anticipated. The Fed also focuses on job market stability, with a recent report indicating slower hiring and a 4.3% unemployment rate, partly due to new job seekers. Upcoming retail sales data is expected to show moderate consumer spending increases, potentially aiding workforce retention and expansion.

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