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Tuesday, November 5, 2024

Inflation falls 0.1% in June from prior month, helping case for lower rates

WorldInflation falls 0.1% in June from prior month, helping case for lower rates


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 and 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.

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