US Inflation Cools Down in June, Boosting Confidence for Potential Rate Cut

According to BlockBeats, the general inflation in the United States cooled down in June, further boosting the confidence of Federal Reserve officials that a rate cut could be imminent. Data from the US Bureau of Labor Statistics showed that the core Consumer Price Index (CPI), excluding food and energy costs, rose by 0.1% compared to May, marking the smallest increase since August 2021.

Data released on Thursday showed that the index rose by 3.3% year-on-year, the lowest increase in over three years. Economists believe that the core index reflects potential inflation more accurately than the overall CPI. Due to the drag of falling gasoline prices, the overall CPI fell by 0.1% compared to the previous month and fell by 3% compared to the same period last year, marking the first decline since the outbreak of the COVID-19 pandemic.