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Inflation Falls in June for First Time Since Pandemic Height

The Consumer Price Index fell 0.1% in June, , the Labor Department said on Thursday. Photo credit: Shutterstock (Paul Brady Photography).

Posted July 10, 2024

Inflation in the United States cooled in June, according to the latest report from the Bureau of Labor Statistics.

The Consumer Price Index (CPI) declined 0.1% after being unchanged in May. This marks the first time since May 2020 there has been a monthly decline in overall inflation.

Additionally, gas prices fell 3.8 percent in June, offsetting the declining 3.6 percent in May. The energy index fell 2.0 percent, mirroring last month’s decline. However, food prices rose in June as the index for food increased by 0.2 percent. The food away from home index rose 0.4, while the food at home index increased 0.1 percent.

The index for all items less food and energy rose 0.1 percent in June.

The recent data from the bureau further builds a stronger case for the Federal Reserve to cut interest rates. Inflation has remained above the central bank’s 2% target.