The war on inflation has been won. It's OK if you're still angry

This morning, economists received an inflation report that was considered uneventful and unremarkable. Analysts described the Consumer Price Index reading for July as tame and benign. The inflation rate, which fell below 3% for the first time since 2021, is seen as a positive development. However, despite the moderation of prices for essentials like food, gas, and travel, housing costs remain a significant contributing factor to inflation. Auto insurance and childcare costs also pose challenges for consumers. Nevertheless, the fact that wages are outpacing inflation and the labor market remains robust prevents the current situation from being worse.