Consumer prices rose at the slowest pace since March 2021 as inflation showed further signs of cooling in June, according to the latest data from the Bureau of Labor Statistics released Wednesday morning.
The Consumer Price Index (CPI) rose 0.2% over last month and 3% over the prior year in June, a slight acceleration from May’s 0.1% month-over-month increase, but a slowdown compared to the month’s 4% annual gain.
Both measures were slightly better than economist forecasts of a 0.3% month-over-month increase and a 3.1% annual increase, according to data from Bloomberg.
On a “core” basis, which strips out the more volatile costs of food and gas, prices in June climbed 0.2% over the prior month and 4.8% over last year. Both measures were also slightly better than economist expectations.
The monthly core increase was the smallest one-month increase in that index since August 2021.
To read the whole report from Alexandra Canal at Yahoo Finance, click here.