The U.S. Inflation Rate Dips to 3.0% in June
The U.S. inflation rate, as measured by the Consumer Price Index (CPI), decreased to 3.0% on a year-over-year basis in June, according to the Bureau of Labor Statistics (BLS). Here are the key points from the report:
– Headline inflation declined from 4.0% in May to 3.0% in June, below expectations of a dip to 3.1%.
– Monthly CPI increased by 0.2% in June, compared to 0.1% in May, but fell short of the forecasted 0.3% growth.
– Core CPI, excluding volatile food and energy costs, dropped from 5.3% to 4.8% year-over-year in June, against expectations of 5.0%.
– Monthly core CPI rose by 0.2% in June, down from 0.4% in May and below the forecasted 0.3%.
– Bitcoin’s price briefly rose to $30,900 following the report but quickly retreated to just under $30,800.
This report indicates a decline in headline inflation, reaching 3% in June from a peak of 9.1% in 2022. Additionally, core inflation finally showed signs of movement, dropping to 4.8% from 5.3%. However, the Federal Reserve and markets still expect another rate hike during the Federal Open Market Committee’s upcoming meeting. Traditional markets have reacted to the news, with the U.S. 10-year Treasury yield and the dollar index both declining, while stock index futures are pointing towards a gain at the open.
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