U.S. June Consumer Price Index Rises 3.5%, Below Expectations
Falls Short of Market Expectations
The U.S. Department of Labor's Bureau of Labor Statistics announced on July 14 (local time) that the Consumer Price Index (CPI) for June rose by 3.5% compared to the same month last year.
The increase slowed significantly from May's 4.2% and came in below the 3.8% forecast by experts compiled by Dow Jones. On a month-over-month basis, the CPI fell by 0.4%.
CNBC reported that the gap in the month-over-month rate was the largest in more than six years since April 2020, noting that the sharp decline in energy prices has temporarily alleviated the recent surge in inflation.
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The core CPI, which excludes energy and food, rose by 2.6% year-on-year and remained flat compared to the previous month.
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