Inflation For 2024 Usaa. The july 2024 cpi report will likely increase the fed’s confidence that inflation is on the way to its 2% target and position the fed to cut interest rates in september. These charts track the prices consumers are paying for groceries and other goods now compared to the cost five years ago, as inflation lingers.

On a monthly basis, inflation was 0% — the lowest since july 2022. Inflation fell from 6.5% in 2022 to 3.7% in 2023, despite economic growth accelerating.