Consumers Finally Get Some Relief From Inflation As Prices Decline for First Month Since 2020

Consumers Finally Get Some Relief From Inflation As Prices Decline for First Month Since 2020


Consumers got the first break from inflation since the height of the pandemic in 2020.

In a surprising turn of events, the cost of consumer goods and services dropped in June, the Department of Labor said Thursday.

This significant decline signals a recent slowdown in inflation, raising hopes that the Federal Reserve might slash high U.S. interest rates in the coming months.

The consumer price index (CPI) dipped by 0.1 percent in June following a flat performance in May. This marks the first decrease since May 2020, when the pandemic’s grip forced the economy into an unprecedented shutdown.

The 12-month inflation rate also eased, falling to 3.0 percent from 3.3 percent, reaching its lowest point since April 2021.

Economists had forecast

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