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fell four-tenths of a percentage point to 2.5% for the year in August, the Bureau of Labor Statistics reported Wednesday, marking five months of disinflation and providing good news for Vice PresidentInflation is now the lowest it has been since February 2021, shortly after President Joe Biden was sworn in.Inflation is the biggest concern facing voters, so the White House and Harris campaign are undoubtedly breathing a sigh of relief that inflation continued trending down.
Core CPI inflation, a measure of inflation that strips out volatile energy and food prices, remained at 3.2% on an annual basis, right in line with expectations. Month-to-month core inflation punched in at 0.3%. In another sign that the labor market is cooling, job openings plunged in July to their lowest level since January 2021, when President Joe Biden first entered office.
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