Labor Department: Inflation Rate Dropped In June

CNBC reports:

The monthly inflation rate dipped in June, providing further cover for the Federal Reserve to start lowering interest rates later this year.

The consumer price index, a broad measure of costs for goods and services across the U.S. economy, declined 0.1 from May, putting the 12-month rate at 3%, around its lowest level in more than three years, the Labor Department reported Wednesday.

Excluding volatile food and energy costs, so-called core CPI increased 0.1 % monthly and 3.3% from a year ago, compared to respective forecasts for 0.2% and 3.4%, according to the report from the Bureau of Labor Statistics.

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Prices fell in June for the first time since the start of the pandemic https://t.co/y7Szfy5LsO

— Jim Acosta (@Acosta) July 11, 2024

Breaking news: Inflation eased further in June, handing Federal Reserve officials another dose of encouraging data as they inch closer to cutting interest rates and taking pressure off the economy.https://t.co/GGsr1xUdxS

— The Washington Post (@washingtonpost) July 11, 2024