Inflation Rose 3% Annually in June
Summary from AllSides News Team
U.S. inflation rose 0.2% in June from May and 3% annually, according to the Bureau of Labor Statistics.
The Details: The 3% annual jump in the consumer price index (CPI) was the lowest since March 2021. Energy prices are down roughly 17% from a year ago, and prices of used cars and trucks are down roughly 5%. Core prices, which exclude food and energy items, are up 4.8% from a year ago. Food prices are up 5.7% annually, and shelter prices are up 7.8%.
For Context: The annual inflation rate has fallen for 12 straight months after peaking at 9.1% last June, but prices of many items continue to rise.
How the Media Covered It: Sources across the spectrum covered the data as a top story Wednesday. CNN Business (Lean Left bias) led its article by saying "What a difference a year makes." Fox Business (Lean Right) said "Inflation showed welcome signs of cooling in June, but core prices pointed to strong underlying pressures that are still bubbling beneath the surface." CNBC (Center) said inflation falling to its lowest level in two years was a "product both of some deceleration in costs and easy comparisons against a time when price increases were running at a more than 40-year high." CNBC showed a graphic of inflation data over the past year; Fox Business showed a graphic of inflation data over the past decade.
Featured Coverage of this Story
From the LeftUS inflation cooled in June for the 12th straight month
What a difference a year makes.
US annual inflation slowed to 3% last month, according to the latest Consumer Price Index released Wednesday by the Bureau of Labor Statistics.
That’s a sharp cooldown from June last year, when inflation spiked to 9.1% — the fastest annual rate since November 1981, when Olivia Newton-John’s “Physical” sweated its way to the top of the charts.
It’s the 12th consecutive month that annual inflation, as measured by the CPI, has slowed.
On a monthly basis, prices increased by 0.2%, a cooler reading than...
From the CenterInflation rose just 0.2% in June, less than expected as consumers get a break from price increases
Inflation fell to its lowest annual rate in more than two years during June, the product both of some deceleration in costs and easy comparisons against a time when price increases were running at a more than 40-year high.
The consumer price index increased 3% from a year ago, which is the lowest level since March 2021. On a monthly basis, the index, which measures a broad swath of prices for goods and services, rose 0.2%.
That compared to Dow Jones estimates for respective increases of 3.1% and 0.3%.
From the RightInflation rose just 3% in June as price pressures continue to cool
Inflation showed welcome signs of cooling in June, but core prices pointed to strong underlying pressures that are still bubbling beneath the surface – and continuing to burden millions of Americans.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.2% in June from the previous month.
Prices climbed 3% on an annual basis, slightly below the 3.1% increase forecast by Refinitiv economists.
Although inflation has cooled from a peak of 9.1%, it still...