Inflation slowed in June to an annual rate of 3%, the Bureau of Labor Statistics reported Wednesday, the 12th consecutive month of slowdown after prices hit historic highs last summer.
On a monthly basis, prices increased by 0.2%, lower than the 0.4% increase in May, according to the latest Consumer Price Index. The annual inflation rate in May was 4%.
Inflation hit a four-decade high of 9.1% in June 2022 and gas prices soared, raising worries of a looming recession. Gas prices have fallen to a national average of $3.54 per gallon, compared with $4.66 a year ago, according to AAA. Egg prices, for instance, have declined to a national average of $2.67 a dozen, down from a peak of $4.82 at the start of this year, according to government data. Egg costs had soared after avian flu decimated the nation’s chicken flocks. Despite the price decline, eggs remain above the average pre-pandemic price of about $1.60.Still, the cost of services, like restaurant meals, car insurance, child care and dental services, continue to rise rapidly.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NY Fed: Year-ahead expected inflation drops to 3.8% in June, lowest since April 2021The Federal Reserve Bank of New York's monthly Survey of Consumer Expectations showed on Monday that the US consumers' one-year inflation expectation
Read more »
China: Inflation surprised to the downside in June – UOBUOB Group’s Economist Ho Woei Chen, CFA, comments on the release of Chinese inflation figures. Key TAkeaways Inflation is largely absent in China due
Read more »
US CPI Banks Preview: Inflation to step meaningfully lower in JuneThe US Bureau of Labor Statistics (BLS) will release the most important inflation measure, the US Consumer Price Index (CPI) figures, on Wednesday, Ju
Read more »
U.S. stocks open modestly higher as investors look ahead to June inflation dataU.S. stocks opened modestly higher Tuesday, a light day on the economic calendar, as investors look ahead to highly-anticipated inflation data due out...
Read more »
First Mover Asia: Crypto Market Is on ‘Standby’ as Release of June Inflation Data NearsBitcoin continued to hover well over $30K as investors awaited the release of June's US Consumer Price Index. TheSamReynolds reports
Read more »
US inflation believed to have slowed in June in sign of easing price pressuresSome economists believe if inflation keeps slowing and the economy shows signs of improvement, a July interest rate hike could be the Federal Reserve's last.
Read more »