Inflation dropped for a 12th straight month in June, as flat grocery prices partly offset a rebound in gasoline costs and still-hefty rent hikes, USA Today reports.
Consumer prices overall increased 3 percent from a year earlier, down a percent from the rise the previous month, according to the Labor Department’s consumer price index for June.
USA Today reported that In a note to its clients, Contingent Macro Research said, “Overall, while pockets of core price pressures remain, critical categories of inflation are slowly cooling.”
Just a year ago, U.S. inflation hit a 40-year high of 9.1 percent; a series of interest rate hikes since then by the Federal Reserve Board has helped tamp that number down.
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