Inflation Cooling Off But Prices Still Pinching Consumers, Recession Fears Fade for Now
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Inflation has cooled from over 9% in June 2022 to 3.7% in September. Economists predict it will continue falling in 2024.
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Consumers still feel economic pain from high prices for necessities like food and rent.
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Recession fears have faded, with economists saying a soft landing is most likely in 2024.
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Inflation gauges like the PCE Price Index show inflation is slowing but remains above the Fed's 2% target.
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Slower inflation should continue as wage growth eases and rent increases moderate.