Inflation cools in D.C. this summer

Inflation is continuing to cool quicker in the D.C. metro area than in much of the country.

What's happening: New data shows the local Consumer Price Index rose 1.8% in the 12 months through July.

• That's below the national CPI increase of 3.2%, a slight tick-up from previous months.

The good news is that recent signs suggest the steep price gains that plagued American consumers look to be moderating, Axios' Courtenay Brown writes.

• That national CPI uptick is because of so-called "base effects." Since the data is lapping the period in July 2022 when energy prices plunged, the annual figure released on Thursday looks higher.

Details: Shelter, auto insurance, and education were among the categories that saw prices increase in July, while prices for airline fares, used cars, and trucks were among those that declined outright.

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