U.S. Inflation
Inflation Data Continues Descent
US inflation dropped to 3% in June, lower than expected, in the latest sign that the Federal Reserve’s interest rate rises are influencing price pressures. The annual increase in the consumer price index slowed from 4% in May to 3%, the slowest rate of inflation since March 2021. Prices increased 0.2% monthly in June, up from 0.1% the previous month but less than economists had forecast. The annual figure was further helped by so-called base effects, as extremely large rises from June 2022 drop out of the calculations.