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Hey there from CNN. I'm Krista Beau with five things you need to know for

Wednesday, August 14th. The US has hit an inflation reduction milestone.

Price hikes for consumers slowed more than expected last month.

And for the first time in more than three years, the Consumer Price Index has landed below 3%.

The Labor Department reports inflation was at 2.9% in July on a yearly basis, easing from June's 3% annual gain.

CNN's Mad Eekin explains what this means for you and the Federal Reserve.

Yeah, Krista, it's easy to forget, but two years ago, we had 9% inflation.

Thankfully, we are miles away from that today.

And look, we saw price drops for everything from new and used cars to appliances to my personal

favorite, men's suits. This, of course, does not mean that life is suddenly cheap or that

prices across the economy are back to pre-Covid levels, they're not.

But it does mean that prices are going up at a more gradual rate, and that is very encouraging.

It should also seal the deal for a rate cut from the Fed in September.

...