Economic Update Insights

Recent inflation data shows a significant drop to 3%, down from 9.1% last June, while core inflation sits at its lowest since October 2021. Wages have also risen by 4.4%, outpacing inflation for the first time since March 2021, indicating a robust job market. However, rising costs in housing and dining out, up 8.3% and 7.7% respectively, highlight ongoing financial pressures for consumers.