US inflation cooled in June for the 12th straight month | CNN Business

US annual inflation slowed to 3% last month, according to the latest Consumer Price Index released Wednesday by the Bureau of Labor Statistics. That’s a sharp cooldown from June last year, when inflation spiked to 9.1% — the fastest annual rate since November 1981, when Olivia Newton-John’s “Physical” sweated its way to the top of the charts. It’s the 12th consecutive month that annual inflation, as measured by the CPI, has slowed.

Shelter costs — which is largely a measurement of rental leases as the implicit rental value of owner-occupied properties — accounted for 70% of the increase for June, according to the BLS. On a monthly basis, prices increased by 0.2%, a cooler reading than the 0.4% increase seen in May, according to the report. Since March 2022, the Federal Reserve rolled out 10 consecutive interest rate hikes to tame inflation, finally hitting the pause button last month.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Modelo tops Bud Light in sales for the second month in a row | CNN BusinessMexican-made Modelo Especial is the top-selling beer in the United States for the second straight month, once again snatching the crown from Bud Light.
Source: CNN - 🏆 4. / 95 Read more »

PGA Tour board member quits over 'serious concerns' with Saudi deal | CNN BusinessFormer AT&T CEO Randall Stephenson has resigned from his post on the influential policy board of the PGA Tour in protest to the proposed merger with Saudi-backed LIV Golf.
Source: CNN - 🏆 4. / 95 Read more »

Florida is now America's inflation hotspot | CNN BusinessFlorida is America’s inflation hotspot, thanks to a persistent problem with sky-high housing costs.
Source: CNN - 🏆 4. / 95 Read more »

Twitter's future is in doubt as Threads tops 100 million users | CNN BusinessTwitter has weathered months, if not years, of mismanagement as well as mass layoffs, frequent service disruptions and an exodus of top advertisers, but the launch of a rival app from Meta could prove to be the final straw.
Source: cnni - 🏆 326. / 59 Read more »