The US inflation rate has fallen for the last two months and in August reached its lowest level since January, according to the latest Consumer Price Index released by the US government, but inflation of 5.3% in the last twelve months still casts a shadow of concern over the pandemic-stricken economy.
The number matters not just to shoppers and investors, but to the future of president Joe Biden’s agenda. His annual budget is held up in Congress thanks to senator Joe Manchin’s concern about “runaway inflation,” but today’s figures bolster the case that price increases seen as the US emerged from the pandemic are transitory and not likely to accelerate uncontrollably.
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