Inflation cooled significantly in June, bringing price hikes close to normal levels
The inflation data arrives as the Federal Reserve weighs another rate hike. Consumer prices rose 3% last month compared to a year ago, marking a significant slowdown and raising hopes that a prolonged bout of heightened inflation is nearing its end. The fresh data Wednesday morning from the Bureau of Labor Statistics arrives days after a government release indicated that hiring slowed last month but remained solid. The economy, the jobs report suggests, continued a gradual downshift in June amid a central bank effort to dial back activity and slash price s while averting a recession. Consumer prices rose 4% in May compared to a year ago. The latest reading indicates a notable cooldown in June but still exceeds the Federal Reserve's inflation target of 2%. The data released on Wednesday exceeded the expectations of economists surveyed by Bloomberg, who expected i NFL ation to have fallen to 3.1% in June. Inflation rose a modest 0.2% on a monthly basis, accelerating from a 0.1% incre...