US June CPI Inflation Drops to 3.5%, Below Expectations
June CPI inflation fell to 3.5% year-over-year, below the expected 3.8%. Core CPI fell to 2.6%, below 2.8% forecast. Month-over-month CPI dropped 0.4%, the largest decline since May 2020. US stock futures surged.
June CPI inflation came in at 3.5% year-over-year, undershooting the consensus estimate of 3.8%. Core CPI, excluding food and energy, also eased to 2.6% versus the forecast 2.8%.
On a month-over-month basis, CPI fell 0.4%, marking the steepest monthly decline since May 2020. The data suggests cooling inflation pressure, prompting a sharp rally in US stock index futures.
Source: The Kobeissi Letter