US inflation Slows Down in June
Inflation in the United States was 3% in June,
down from 4% in May and 6% in January of 2021.
Gasoline, airfare, secondhand automobiles, and food all saw price drops,
which contributed to this trend.
There was a little uptick from May to June,
but the official number was still far over the Federal Reserve's 2% goal.
When the Federal Reserve meets again in two weeks,
it will almost certainly increase its benchmark rate.
Many analysts, though,
think the Fed would wait until October to raise rates again if inflation remains low through the month of September.
Since March 2022, the Fed has increased its benchmark rate by a whopping 5 percentage points,
the fastest rate of rise in four decades.
The 0.2% increase in core inflation from May to June was less than anticipated since
it does not include the more variable costs of food and energy.
The annual rate of inflation has dropped to 3% from over 5% in April.