The Consumer Price Index declined by ten basis points in June, marking the first monthly decrease since May 2020. The 12-month CPI rate fell to 3%, around its lowest level in over three years. A drop in gasoline prices helped pull down overall inflation for the month. Real average hourly earnings rose 0.4% in June but were up just 0.8% over the past year. The inflation data supports expectations for the Federal Reserve to start lowering interest rates in September.
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00:00It's Benzinga and here's what's on the block.
00:02The consumer price index declined by 10 basis points in June, marking the first monthly
00:07decrease since May 2020.
00:09The 12-month CPI rate fell to 3 percent, around its lowest level in more than three years.
00:14A drop in gasoline prices helped pull down overall inflation for the month.
00:19Real average hourly earnings rose 0.4 percent in June, but were up just 0.8 percent over
00:23the past year.
00:25The inflation data supports expectations for the Federal Reserve to start lowering interest
00:30rates in September.
00:31For all things money, visit Benzinga.com.