WASHINGTON, D.C.: Inflation may have fallen below a 3-percent annual rate last month, which would be the lowest level in nearly three years and a potentially significant milestone as the Biden administration seeks to bolster Americans' views of the economy before the November elections.

Economists have estimated that when the government issues the latest consumer price index on Tuesday, it will show that prices rose just 0.2 percent from December to January for a third month in a row, according to forecasts compiled by data provider FactSet. Falling gas prices are expected to have slowed overall inflation.