June CPI Data Shows Sharp Drop in Gasoline Prices and Flat Core Inflation
The Consumer Price Index (CPI) for gasoline dropped sharply in June, contributing to a broader decline in the all-items CPI by -0.42% month-to-month (-5.0% annualized). The core CPI fell slightly by 0.02%, while core services inflation remained nearly unchanged at +0.03%. These figures suggest limited upward pressure on prices and may reduce political support for a rate hike in the July FOMC meeting.
Topics: CPI Federal Reserve gas prices inflation