"US Inflation Slows to 3% in June, Reflecting Steady Price Pressure Slowdown"

Consumer prices in June rose at the slowest annual rate since March 2021, with the Consumer Price Index (CPI) increasing by 0.2% over the previous month and 3% over the prior year. The core inflation rate, which excludes food and gas prices, also rose by 0.2% over the previous month and 4.8% over the previous year. Rent prices continued to surge, contributing to the increase in core inflation. While some indexes, such as motor vehicle insurance and apparel, saw price increases, others, like airline fares and used cars, saw prices soften. The energy index decreased by 16.7% over the past year, while the food index increased by 5.7%. Despite the slowdown in inflation, it remains above the Federal Reserve's 2% target, indicating that the Fed may continue to raise interest rates.