US annual inflation cooled more than expected to 3.5% in June from 4.2%, new consumer price index (CPI) data from the Bureau of Labor Statistics (BLS) showed. After the past few months of acceleration, economists expected the inflation rate to slow down to 3.8% in June.

CPI decreased 0.4% from May, more than the expected drop of 0.1% and the largest one-month decline since the early COVID-19 pandemic. Core CPI, which excludes volatile food and energy prices, was flat over the month, lower than the 0.2% expected increase. Meanwhile, it rose 2.6% over the year, less than the 2.8% expected increase.

June's inflation rate matched the 3.5% year-over-year increase in nominal wages BLS reported last week, breaking a streak of declining real wages,

source: businessinsider.com