Your Money Matters: Year-Over-Year Inflation Drops, Offering Some Relief To Consumers

The latest numbers for year-over-year inflation are out, and it's good news for consumers hoping for lower prices at the pump and the grocery store.

Overall prices went down 0.1%, that's the first price drop since May 2020. Inflation is down to 3%, getting closer to the Federal Reserve's goal of 2%.

This new report could help boost the case for an interest rate cut from the Federal Reserve in September, which could mean better rates on home and auto loans.

Some highlights from the report: housing is still going up, but that was offset by significantly lower gas prices.

The report says they fell almost 4% from a year ago, but AAA's price tracker says regular unleaded is down a penny. And grocery store prices overall are almost the same as they were last year at this time, up just 0.2%.

Also, used car prices continue to drop, down 1.5% since last June.

CBS has put together a pretty neat tool you can check out HERE. It's a price tracker, where you can see the difference in grocery prices starting pre-pandemic up to today.

CBS News price tracker shows how much food, utility and housing costs are rising

As consumers cope with lingering inflation, CBS News is tracking the change in prices of everyday household expenses — from food at the grocery store to utilities and even rent — across the country.

Drawing from a wide range of government and private data, the tracking charts below show how the cost of goods and services have changed since from before the pandemic to the most recent information available. That's through June for most items.

The price tracker is based on data released by the U.S. Bureau of Labor Statistics for food, household goods and services and Zillow for rent and home-purchase prices. Every chart notes, and links to, the source of the original data.

In the case of recurring household costs, rents and home sales, the 2024 data cited is current through last month and it is compared to the same month in prior years dating back to 2019.