Inflation in the U.S. slowed to 3% in June, the lowest in a year

According to the US Department of Labour, consumer prices in June increased by a minimum of 3% for the year compared to the same month last year. Inflation has decreased from 3.3% in May, and this decline has been observed for the third month in a row. 

Analysts on average expected June inflation at 3.1%.

The increase in the cost of food accelerated to 2.2% last month from 2.1% in May. New cars fell in price by 0.9% (-0.8% in May), and used cars — by 10.1% (-9.3% in May). The growth rate of prices for transport services decreased to 9.4% from 10.5%, energy carriers — to 1% from 3.1%, including gasoline fell in price by 2.5% (compared with an increase of 2.2% in May). Clothing rose in price by 0.8%, as it did a month earlier.

Consumer prices in June decreased by 0.1% for the first time since May 2020 compared to the previous month. Experts on average expected them to increase by 0.1%. Prices did not change in May.

The Core CPI index (excluding the cost of food and energy) in June increased by the minimum 0.1% monthly since February 2021 and by the minimum 3.3% in annual terms since April of the same year. In May, growth was 0.2% and 3.4%, respectively, and analysts expected these rates to continue.