Inflation showed welcome signs of cooling in June, but core prices pointed to strong underlying pressures that are still bubbling beneath the surface – and continuing to burden millions of Americans.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.2% in June from the previous month.
Prices climbed 3% on an annual basis, slightly below the 3.1% increase forecast by Refinitiv economists.
Although inflation has cooled from a peak of 9.1%, it still remains above the Federal Reserve’s 2% target rate.
This is a developing story. Please check back for updates.
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