U.S. inflation cools to 3.5% in better than expected June report
U.S. inflation decreased by 0.4% in June, for a seasonally adjusted total of 3.5% over the year, driven by rapidly falling energy costs, according to a new report released by the U.S. Bureau of Labor Statistics. Inflation rose by 0.5% in May before declining 0.4% in June. The dramatic change is the largest one-month shift in prices since April 2020, BLS reported. The overall May inflation rate was 4.2%, showing a dramatic fall in June. Heather Long, chief economist at Navy Federal, said the June inflation rate cooled “more than expected.” She attributed gas prices to the ...