UPDATE - US consumer inflation annually rises 3% in June, monthly falls 0.1%
CPI and core CPI monthly, annual figures all come better than market estimates
ADDS BIDEN'S REMARKS
By Ovunc Kutlu
ISTANBUL (AA) - Consumer inflation in the US annually rose 3% in June, and monthly fell 0.1%, according to data released Thursday.
The consumer price index (CPI), which measures changes in the prices of goods and services from a consumer's perspective, came lower than market estimates of a 3.1% gain, and slowed down from a year-on-year increase of 3.3% recorded in May.
The figure is also a sharp decline from the 9.1% annual gain recorded in July 2022, which was the highest since November 1981.
On a monthly basis, CPI showed a decline of 0.1% in June, and also came below the market expectation of a 0.1% increase.
That figure, in addition, managed to post a slowdown from May when it showed no change.
"The index for gasoline fell 3.8 percent in June, after declining 3.6 percent in May, more than offsetting an increase in shelter," the Labor Department's Bureau of Labor Statistics said in a statement. "The energy index fell 2.0 percent over the month, as it did the preceding month."
Core CPI, which excludes volatile food and energy prices, gained just 0.1% in June from the previous month, also coming below the market estimates of a 0.2% increase and slowing its pace from the 0.2% gain in May.
Annually, core CPI climbed 3.3% in June, also below the market expectations of a 3.4% increase, and decelerating from a 3.4% year-on-year gain recorded in May.
President Joe Biden said the report shows the US is making significant progress in fighting inflation.
"Overall prices fell last month, after staying flat in May, and core inflation is the lowest in more than three years," he said in a statement released by the White House.
"Prices are falling for cars, appliances, and airfares, and grocery prices have fallen since the beginning of the year," he noted, but said prices are "still too high."
"Big corporations making record profits need to do more to lower prices. I’m fighting to give families more breathing room by taking on Big Pharma to cap insulin at $35 per month, taking on Big Oil to lower prices at the pump, and taking on Wall Street to make the wealthy pay their fair share," he said.
Biden, however, also noted that wages are rising faster than prices and his administration has created 15.7 million jobs since he took office.
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