Inflation eased more than expected in June, handing Federal Reserve officials another dose of encouraging data as they inch closer to cutting interest rates and giving long-awaited relief to households and businesses.
Data released Thursday by the Bureau of Labor Statistics showed that prices climbed 3 percent compared with last year, an improvement from the 3.3 percent annual figure notched in May. Prices also fell 0.1 percent over the previous month.
Additionally, a key measure of inflation that strips out more volatile categories such as food and energy rose 3.3 percent over the past 12 months — the smallest annual increase since April 2021. Financial markets were flat at the open.
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