Overview
- The Consumer Price Index (CPI) fell 0.1% in June, marking the first monthly decline since May 2020.
- Annual inflation slowed to 3.0%, down from 3.3% in May, the slowest rise since early 2021.
- Core inflation, excluding food and energy, increased by 0.1% month-over-month and 3.3% year-over-year.
- Falling gas prices and a slight moderation in rent costs contributed to the overall decline in inflation.
- Market expectations for a Federal Reserve rate cut in September have increased, with an 87% probability now priced in.