US annual inflation eases to 3% in June

The US annual consumer price inflation slowed more than expected in June, while core inflation recorded the lowest pace of increase in more than three years.

According to data from the Bureau of Labor Statistics released Thursday, consumer price inflation slowed to 3% year-on-year in June, from 3.3% in the May reading, versus expectations for a decline to the level of 3.1%.

Core inflation, which excludes volatile food and energy prices, also slowed to 3.3%, recording the slowest pace of increase since April of 2021 and against expectations of 3.4%.

On a month-on-month basis, the consumer price index fell by 0.1% after remaining unchanged in May, while core inflation rose by the same percentage after increasing by 0.2% in the previous month.

Food prices increased by 0.2% MoM and 2.2% YoY in June, while energy prices fell by 2% MoM but rose by 1% YoY.