Inflation slowed in June by its largest monthly drop since April 2020 on falling energy prices – though the slowdown might not be enough to put interest-rate cuts back on the table.
The Consumer Price Index rose 3.5% in June over the past 12 months, cooling off from 4.2% in May, the Bureau of Labor Statistics said Tuesday.
On a monthly basis, the inflation rate declined 0.4% – more than expectations of a 0.2% dip.
Core CPI – the Fed’s preferred inflation gauge, which excludes volatile food and energy prices – ticked down to 2.6%, still well above central bankers’ 2% goal.
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