Inflation is slowing — really. Here's why Americans aren't feeling it.

Many Americans remain dour on the state of the economy, with the price of necessities like food and rent a lingering source of pain. Although it may seem like small consolation for cash-strapped consumers, economists have some good news. Really. 

Forecasters predict that the steep drop in inflation since it peaked at more than 9% in June of 2022 will continue in 2024. David Kelly, JPMorgan Asset Management's chief global strategist, projects "a very steady decline in inflation throughout the next year." That could lead the Federal Reserve to cut its benchmark interest rate and push down borrowing costs for individuals and businesses.

Moderating inflation can be seen in recent government data, with the Consumer Price Index in September up 3.7% over the prior 12 months.