A Thursday report from the US Bureau of Labor Statistics showed that the monthly inflation rate dipped in June for the first time in more than four years, signaling some good news on the inflation front. The consumer price index (CPI) dropped 0.1% from May, putting the 12-month rate at 3%, around its lowest level in more than three years.
In the 12 months through June, the CPI rose 3%, the smallest gain since June 2023. Finally, the CPI revealed a 3.8% drop in gas prices, which followed a 3.6% dip in May. Shelter costs, which include rent, increased 0.2% after advancing 0.4% in May.
