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US inflation falls to 3% in June, lowest since March 2021
The consumer price index rose 3% in the 12 months through June — the smallest increase since March 2021 — while the gauge excluding fuel and food costs rose 4.8%, the government said on Wednesday. Why it matters: Overall inflation has plunged from a peak of 9% last summer, a relief for American consumers. The core measure, watched by economists, also showed notable signs of cooling in June. Driving the news: The 12-month change in overall CPI cooled rapidly from the 4% registered in May. Core CPI also edged down from May's 5.3%. • On a monthly basis, overall CPI rose 0.2% compared to the 0.1% rise in May. The ... (full story)