From CNBC: 2024-08-15 13:44:48

In July 2024, inflation dropped below 3%, the first time in over three years. Some areas are experiencing deflation, particularly in physical goods like furniture and clothing. Supply chain issues have largely unwound, cooling prices for items such as vehicles and groceries.

Airline fares have decreased about 3% in the past year due in part to declining jet fuel prices. Grocery prices for items such as cereal, bread, and apples have also fallen. Some deflationary dynamics are due to quality improvements over time in electronics like cellphones and televisions, reflected in CPI data.

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