Inflation eased more than expected in June, CPI report shows
Summary
Inflation in the United States fell more than expected in June, dropping to a 3.5% annual rate from 4.2% in May. This decline was mainly due to lower gasoline prices, which decreased by nearly 10% that month.Key Facts
- Inflation slowed to an annual rate of 3.5% in June, down from 4.2% in May.
- Economists had predicted a higher inflation rate of 3.9% for June.
- Gasoline prices dropped 9.7% in June, the biggest one-month fall since April 2020.
- The Consumer Price Index (CPI) measures the average change in prices for goods and services consumers buy.
- The core CPI, which excludes energy and food prices, rose 2.6% annually in June, less than May’s 2.9%.
- Falling oil and gasoline prices in June and July suggest May might have been the peak for inflation this year.
- The data was released by the U.S. Labor Department and analyzed by Oxford Economics.
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