Where will inflation go next?

Believe it or not, inflation is easing up

A crystal ball.
In July 2024, year-over-year inflation reached its lowest level in more than three years
(Image credit: Illustrated | Getty Images)

Even if consumers are not yet feeling the effects, inflation is, indeed, on its way down. In July 2024, "year-over-year inflation reached its lowest level in more than three years ... the latest sign that the worst price spike in four decades is fading," said AP News. Further, "consumer prices rose just 0.2% from June to July after dropping slightly the previous month," which, comparatively speaking, "was the mildest gain since March 2021."

Still, there are some spending categories where inflation remains stickier than others, and overall, prices today are a good bit higher than they were before the pandemic — which may be why consumers are still facing some sticker shock.

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Becca Stanek, The Week US

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.