USA consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation continued to subside, but probably not fast enough to discourage the Federal Reserve from resuming raising interest rates later this month.
The CPI gained 0.2 per cent last month after edging up 0.1 per cent in May, the Labor Department said on Wednesday. The CPI was lifted by rises in gasoline prices as well as rents, which offset a decrease in the price of used mo ..
Annual consumer prices have retreated sharply from their 9.1 per cent peak in June 2022, which was the biggest increase since November 1981 as last year’s large rises drop out of the calculation. Nevertheless, inflation remains well above the Fed’s 2 per cent target, with the labor market still tight.
The U.S. central bank skipped raising rates in June. The Fed has hiked its policy rate by 500 basis points since March 2022, when it embarked on its fastest monetary policy tightening campai ..
