Inflation drops to lowest rate

(CNN)– Price hikes have slowed to their lowest rate since February 2021.

The consumer price index, which measures price changes for commonly purchased good and services dropped to 2.5% in August.

Economists expected this slow down thanks falling gas prices.

Meanwhile, grocery prices held steady in August.

The Bureau of Labor Statistics says the leading driver of inflation continues to be the cost of owning and renting a home.

The shelter index rose .5% for the month, and is up more than 5% on an annual basis.