US consumer inflation annually rises 3% in June, monthly falls 0.1%

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.