The Consumer Price Index inflation reading fell in June, hitting its lowest level in a year, raising the prospect that the Federal Reserve will begin to slash borrowing costs, a development that could lower the cost of home loans later in the year.Last month, CPI fell 0.1 percent on a monthly basis, and on a yearly basis, it accelerated by 3 percent slower than May's 3.3 percent, according to data from the U.S.
'Today's numbers instill more confidence that inflation is headed towards the central bank's target,' Elizabeth Renter, a senior Economist at NerdWallet, said in a note shared with Newsweek. 'It makes the likelihood of a September rate cut all the more likely, and a July cut not entirely off the table.'Housing economists suggested that the improved June inflation reading was an encouraging sign for those looking to buy a home at some point over the coming year.
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