Some prices have stabilized. Others have fallen. America has not made enough progress against inflation, but it has made progress. Before raising interest rates again, the Federal Reserve should explain whether additional restraint would build on those gains or make it harder for small businesses to invest, hire, and help working families get ahead. Congress and the administration should also account for what they can do to address the pressures that remain.

August’s consumer price report shows why that distinction matters. Grocery prices held steady from July. Motor vehicle insurance fell 0.8% after declining the previous month. Electricity fell 0.2%, and fruits and vegetables declined for a third consecutive month. These improvements count in household budgets and should count in policy decisions.