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Squeezed by painfully high prices for two years, America’s households have gained some much-needed relief with inflation reaching its lowest point since early 2021 — 3% in June compared with a year earlier — thanks in part to easing prices for gasoline, airline fares, used cars and groceries. Inflation was down sharply from a 4% annual rate in May, though still above the Federal Reserve’s 2% target rate. The Fed is still considered all but sure to boost its benchmark rate when it meets in two weeks. But with price increases slowing — or even falling outright — many economists say they think the Fed might hold off on what had been expected to be another rate hike in September.

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