Inflation has cooled off dramatically since last summer, but ‘back to normal’ is still a long way off
By By one measure, the U.S. economy is already close to slaying the price inflation that has bedeviled it for the better part of two years.Forecasts called for 12-month consumer price increases to slow from 4% in May to 3.1% in June — just about 1 percentage point above the Federal Reserve’s 2% inflation target.But…