#CPI2024 #InflationUpdate #FederalReserve
CPI Inflation Report June 2024: A Promising Dip in Inflation
The June CPI inflation report has brought some much-needed relief, with the monthly inflation rate dipping by 0.1% from the previous month. This decrease has brought the annual rate down to 3%, marking one of its lowest points in over three years. The all-encompassing index also remained steady on a monthly basis.
Excluding the unpredictable costs of food and energy, known as core CPI, there was a marginal 0.1% rise on a monthly basis and a 3.3% increase from a year earlier. This yearly uptick in the core rate was the most modest since April 2021.
This development provides further cover for the Federal Reserve to start lowering interest rates later this year. The Fed has been closely monitoring the inflation rate, and this dip could be a significant step towards achieving their target rate.
Stay tuned for further updates on this developing story.
Original Article: https://www.cnbc.com/2024/07/11/cpi-inflation-report-june-2024.html
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