Newly reported inflation rates have decreased significantly from around 8.5% to 6%, according to the Consumer Price Index.
Although this is an improvement from the 6.4% rate in January, it is still higher than pre-pandemic lows of around 2%.
Local economist William Black notes that these numbers are positive in economic terms but acknowledges the continued impact on American families.
The middle class is feeling the pinch, and ongoing supply chain issues could exacerbate the problem for the remainder of the year.
Despite this, the US is doing well compared to the rest of the world, with low inflation and high employment.
However, consumers may still perceive prices as high due to the touchy topic of inflation.