From CNBC: 2024-09-12 12:21:47

Inflation in August reached its lowest level since February 2021, indicating disinflation in the U.S. economy with slower rising prices. Deflation is observed in categories like cars and household appliances. Economists caution against expecting broad and sustained price drops without a recession.
Core goods prices have deflated by about 2% since August 2023 due to shifts in consumer demand post-pandemic. Higher discretionary income and supply chain issues led to higher prices initially. With eased dynamics, prices are now decreasing for furniture, appliances, clothing, and vehicles.
Prices for furniture, appliances, tools, toys, and apparel have seen significant decreases over the past year. Car prices, once soaring due to chip shortages, have now dropped due to improved inventory and higher financing costs. U.S. dollar’s strength and global forces have also helped rein in prices.
Categories such as airline fares and groceries have witnessed price declines. Factors like jet fuel prices and quality improvements in electronics influence deflation trends. While prices are falling in some areas, other factors like quality enhancements may impact perceptions of deflation.

Read more: Here’s the deflation breakdown for August 2024 — in one chart