Though prices across the U.S. are still higher than usual, data from the Bureau of Economic Analysis showed Wednesday that during the third quarter of the year prices eased slightly.

CNN reports on this data, highlighting evidence that a key measure of inflation grew at an annualized rate of 5.3 percent in the third quarter. 

That's compared with a 6.5 percent increase in the second quarter.

While this is good news for consumers, even with the decrease in the personal consumption expenditure index, prices are still very high.

The Bureau's report also updated the pace of US economic growth between July and September to 2.1 percent on an annualized basis. 

An initial report in October revealed that the economy increased at a rate of 2 percent last quarter. The rise was the result of strong consumer spending despite high prices.

While this development was positive, reports indicate that the economy grew at a much weaker pace in the third quarter than in the three months before, when the pace was 6.7 percent. 

CNN notes that over the summer, growing supply chain challenges coupled with concerns about the rapidly spreading Delta variant frustrated the recovery.