US inflation cools further in welcome sign for economy

Prices fell in June for the first time in four years

jerome powell
Cuts on US interest rates may come next
(Image credit: Getty Images)

What happened

The Consumer Price Index fell by 0.1% between May and June, the first month-on-month decline in four years. The drop in consumer prices, reported by the Labor Department on Thursday, puts the 12-month rate at 3% rise, down from 3.3% in May. 

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Rafi Schwartz, The Week US

Rafi Schwartz has worked as a politics writer at The Week since 2022, where he covers elections, Congress and the White House. He was previously a contributing writer with Mic focusing largely on politics, a senior writer with Splinter News, a staff writer for Fusion's news lab, and the managing editor of Heeb Magazine, a Jewish life and culture publication. Rafi's work has appeared in Rolling Stone, GOOD and The Forward, among others.