US consumer prices have declined for the first time since the onset of the pandemic in 2020, marking a historic turning point in the post-pandemic economic landscape.
The Federal Reserve chair described the development as a definitive shift, suggesting the inflationary wave may be receding.
This milestone follows months of persistent price pressures that have defined the economic regime since 2020.
The cooling in headline figures was driven primarily by a sharp decline in gasoline prices.
The drop in fuel costs reflects the temporary de-escalation of tensions in the Middle East following the ceasefire in the Iran conflict.
In the highly car-dependent US economy, energy prices remain a volatile but significant component of the consumer price index, and the relief from geopolitical risk premiums has provided immediate downward pressure on inflation metrics.