BLS Releases Latest Data on Inflation

New information released by the Bureau of Labor Statistics reported inflation rates hovered around 3%, slightly increasing to 3.2% in the month of July.  It is reported this is not likely to cause any more rate increases, as inflation has slowly been cooling over the last few months; down from 6% in January 2023, and down from a peak of 9% last summer, in June of 2022.  Since March of 2022, the Fed has been engaged in a contractionary campaign against inflation rates in the US.  This has included eight interest rate increases, leading to higher borrowing costs for banks and the average consumer.  A result of large government spending during the COVID-19 pandemic, inflation and consumer prices have been the lingering effect preventing the US supply chain, and overall US economy to fully get back on track.  The consumer price index, the core database economists use to make policy and predictions, has remained relatively the same over the past few months (.40%), while remaining about .25% points below the average of the summer of 2022.  The future of inflation in the US is mainly down due to the spending habits of average consumer; as more Americans are going out to eat, travel, and return to pre-COVID spending habits.