Easing US inflation has raised the prospects that the interest rate increase expected from the Federal Reserve later this month will be the last of its historic monetary tightening campaign.
The lower-than-expected increase in prices reported by the Bureau of Labor Statistics on Wednesday showed a welcome reprieve in sources of inflation that had proven to be stubbornly persistent.
“Core” inflation, which strips out volatile food and energy prices, registered a monthly gain of only 0.2 per cent in June, the smallest increase in nearly two years. Annual headline inflation is now running at 3 per cent, its slowest pace since March 2021.
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