WASHINGTON, D.C. (KERO) — Economy-inflation cooling, June labor report finds a few of Americans' biggest expenses are coming down
New economic data is finding that American households are able to stretch their dollar further today than they could a year ago.
The U.S. Consumer Price Index, which measures how much households spend on average for goods and services, is used as a gauge for inflation. Data from the index shows that for 12 straight months, inflation appears to be easing.
Meanwhile, the U.S. Bureau of Labor Statistics is finding June's consumer prices were 3 percent higher than a year ago, marking the lowest increase in more than two years. Staples like meat, fish, and dairy were down slightly in June from May.
Airfares dipped eight percent, used car prices were down and new car prices were flat.
The inflation cool-down follows the June job report showing U.S. unemployment at 3.6 percent with the economy adding 209,000 jobs.
The White House is attributing the growth to Bidenomics, its effort to expand the economy through job creation, lowering costs, and U.S. investment.
