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Inflation rates dropping in Arizona, across the U.S.

For more than a year, the inflation rate in Phoenix was one of the highest in the country. But the latest Consumer Price Index report has good news.

Doug Walls with the Arizona Office of Economic Opportunity says the rate of inflation dropped from 3.7% in August to 2.9% in October. The latest rates are slightly down nationally as well.

“The slowing growth was mainly attributed to falling energy prices and then slowing growth in housing, food and transportation prices," Walls said.

Both the state and national rates are still higher than the 2% goal the feds are looking for. 

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Jill Ryan joined KJZZ in 2020 as a morning reporter, and she is currently a field correspondent and Morning Edition producer.