US inflation reaches 3-year low as Federal Reserve prepares to cut interest rates 

FILE - Shoppers pause in the produce section at a Walmart Superstore in Secaucus, New Jersey, July 11, 2024.

The post-pandemic spike in U.S. inflation eased further last month as year-over-year price increases reached a three-year low, clearing the way for the Federal Reserve to cut interest rates next week.