Consumer prices fell sharply in June thanks to relief at the gas pump and a broad decline in inflation.
The consumer price index fell 0.4 percent last month compared with May, the Department of Labor said Tuesday. This is the largest decline since 2020. Compared with a year ago, prices are 3.5 percent higher.
Economists had forecast a 0.1 percent monthly decline after May’s sharp 0.5 percent increase. The inflation index was expected to climb 3.8 percent from a year earlier, a slowdown in annual inflation from May’s 4.2 percent.
Core prices, a measure that excludes food and energy, were flat compared with the prior month. That is the best inflation reading since January 2021. For the year, core prices are up 2.6 percent.
Based on the rounded monthly figures, headline consumer price index (CPI) rose at roughly a 2.8 percent annualized rate over the past three months. Core CPI rose at approximately 2.4 percent annualized over three months and 2.6 percent over six months.
Energy prices fell 5.7 percent in June after rising 3.9 percent in May, 3.8 percent in April, and 10.9 percent in March. Gasoline prices fell 9.7 percent after rising 7.0 percent in May, 5.4 percent in April, and 21.2 in March.
Doomers hardest hit.
Just paid 1.84 for large eggs.
Consumer prices fell sharply in June thanks to relief at the gas pump and a broad decline in inflation.
The consumer price index fell 0.4 percent last month compared with May, the Department of Labor said Tuesday. This is the largest decline since 2020. Compared with a year ago, prices are 3.5 percent higher.
Economists had forecast a 0.1 percent monthly decline after May’s sharp 0.5 percent increase. The inflation index was expected to climb 3.8 percent from a year earlier, a slowdown in annual inflation from May’s 4.2 percent.
Core prices, a measure that excludes food and energy, were flat compared with the prior month. That is the best inflation reading since January 2021. For the year, core prices are up 2.6 percent.
Based on the rounded monthly figures, headline consumer price index (CPI) rose at roughly a 2.8 percent annualized rate over the past three months. Core CPI rose at approximately 2.4 percent annualized over three months and 2.6 percent over six months.
Energy prices fell 5.7 percent in June after rising 3.9 percent in May, 3.8 percent in April, and 10.9 percent in March. Gasoline prices fell 9.7 percent after rising 7.0 percent in May, 5.4 percent in April, and 21.2 in March.