07/11/2024

Inflation Eased to 3 Percent in June

This was more than what was expected

Inflation eased more than expected in June, handing Federal Reserve officials another dose of encouraging data as they inch closer to cutting interest rates and giving long-awaited relief to households and businesses.

Data released Thursday by the Bureau of Labor Statistics showed that prices climbed 3 percent compared with last year, an improvement from the 3.3 percent annual figure notched in May. Prices also fell 0.1 percent over the previous month.

Additionally, a key measure of inflation that strips out more volatile categories such as food and energy rose 3.3 percent over the past 12 months — the smallest annual increase since April 2021. Financial markets were flat at the open.

Please select this link to read the complete article from The Washington Post.