US inflation fell Thursday to levels below market expectations, according to data released by the US Bureau of Labour Census. The decline in inflation favors expectations of a rate cut, especially after Federal Reserve Chairman Jerome Powell’s testimony on economic conditions before the US Congress.
The US consumer price index fell last June by -0.1% compared to the reading recorded the previous month at 0.0%, according to the monthly reading, which fell below market expectations, which indicated 0.1%.
The annual reading of the US Consumer Price Index also recorded an increase of 3.00% last June, compared to the reading of the same month last year, which recorded 3.3%. The actual reading for last month was lower than market expectations, which indicated 3.1%.
Excluding food and energy prices, the index recorded an increase of 0.1% last month compared to the reading recorded the previous month at 0.2%, indicating levels lower than market expectations, which indicated 0.2%.
The annual reading of the index rose to 3.3% last June compared to the reading of the same month last year, which recorded 3.4%, which highlights the decline more than expected to the same level recorded in the previous reading.
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