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Here’s a number you probably heard a lot about last week: 3%. It’s the annual rate of U.S. inflation — the increase in the Consumer Price Index — from June 2022 to June 2023. It’s the lowest inflation we’ve seen since the spring of 2021.
Now, some other numbers for you: 8.7%, 6.4% and 4.8%. Those are the latest annual inflation rates for the U.K, Germany and India, respectively.
The U.S. has now gotten ahead of much of the world in fighting inflation.
After nearly two years when the inflation news was mostly bad and consumer confidence tanked, the mood in America has turned more positive, says Mallory Newall at public opinion firm Ipsos.
“The U.S. is a brighter spot in terms of consumer confidence than some European countries,” said Newall.
In the U.K., inflation’s still nearly triple the rate in the U.S.
“You have higher inflation numbers there than even the rest of Western Europe, and sky-high food prices,” said Newall.
Some of the difference is timing. Inflation hit the U.S. in 2021, as consumers went on a pandemic spending spree.
Europe was hit hard in 2022, says Simon MacAdam at Capital Economics.
“In Europe — …
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