Today, what’s really happening with inflation in the United States. And what the public perception of the economy could mean for the 2024 presidential election.

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While inflation in the United States is still higher than normal, a streak of discouraging data finally broke in a report released Wednesday from the Bureau of Labor Statistics. Inflation is now slowing — from 3.5 percent in March to 3.4 percent in April — after months of hotter-than-expected reports. But it’s too early to know whether this trend will continue.

Economics reporter Rachel Siegel has been tracking what has felt like roller coaster inflation over the past few years and breaks down where the economy is at now — and how it may affect the 2024 presidential election. She also dives into how the latest economic numbers are playing out in terms of interest rates and their knock-on effect on America’s housing market.

Today’s show was produced by Ariel Plotnick with help from Peter Bresnan. It was mixed by Sean Carter and edited by Monica Campbell.

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What to know about inflation right now