US CPI Falls 0.4% in June, Largest Drop Since 2020
June CPI dropped 0.4% month-over-month, the steepest decline since April 2020, bringing the annual rate down to 3.5%. Core CPI was flat on the month and slowed to 2.6% year-over-year.
The June Consumer Price Index (CPI) declined 0.4% from May, marking the biggest one-month drop since April 2020. The annual inflation rate fell to 3.5% from 4.2% in May, ending a three-month streak of acceleration.
Core CPI, which excludes food and energy, was flat month-on-month and slowed to 2.6% year-over-year. Despite the significant headline decline, the data did not shift expectations for a near-term rate cut from the Federal Reserve.
Source: FXStreet Forex News