Feds: Inflation Declined In June Compared To Last Year

The Washington Post reports:

A year after inflation soared to the highest level in four decades, prices are returning closer to normal levels, with families and businesses feeling the difference as policymakers debate how much more to slow the economy.

Government data released Wednesday showed a notable drop in inflation: Prices rose 3 percent in June compared with the year before, and 0.2 percent compared with May. That marked progress from the last inflation report, when prices rose 4 percent compared with the previous year.

“After two years of searing inflation, American households are finally experiencing relief as inflation falls and real wages increase,” said Joe Brusuelas, chief economist at RSM.

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Inflation eased further in June as economy slowly cools https://t.co/JqIMjoUq23

— Joe Peyronnin (@joepeyronnin) July 12, 2023