US consumer prices drop in June as energy costs tumble
Summary
Consumer prices in the US fell by 0.4% in June, mainly because energy costs, especially petrol, dropped sharply. However, yearly inflation is still high, with energy and food prices rising compared to last year.Key Facts
- US consumer prices decreased 0.4% in June according to the Consumer Price Index (CPI).
- Energy prices dropped 5.7%, with oil down 9.7% and petrol down 9.5%.
- The average petrol price per gallon fell to $3.85 from $4.07 the previous month.
- Some prices like apparel, used cars, and electricity also fell slightly in June.
- Food prices rose 0.2% monthly, with meat up 0.6% and lettuce up 6.5%, while tomatoes dropped 10%.
- Over the past year, CPI rose 3.5%, with energy prices up 15.7% and petrol prices up 27%.
- The Federal Reserve, led by Chairman Kevin Warsh, continues to aim at controlling inflation.
- Stock markets responded positively to the June CPI report, with indices like Nasdaq and S&P 500 rising.
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