Inflation falls 0.1% in June from prior month, helping case for lower rates [View all]

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Source: CNBC

Published Thu, Jul 11 2024 8:32 AM EDT Updated 14 Min Ago


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 Thursday. The all-items index rate fell from 3.3% in May, when it was flat on a monthly basis.



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. The annual increase for the core rate was the smallest since April 2021.

A 3.8% slide in gasoline prices held back inflation for the month, offsetting 0.2% increases in both food prices and shelter. Housing-related costs have been one of the most stubborn components of inflation and make up about one-third of the weighting in the CPI, so a pullback in the rate of increase is another positive sign.



Read more: https://www.cnbc.com/2024/07/11/cpi-inflation-report-june-2024.html

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8:34 AM · Jul 11, 2024

Article updated.

Original article -

Published Thu, Jul 11 20248:32 AM EDTUpdated 2 Min Ago


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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