The news that the Consumer Price Index shrunk by 0.1% rather than growing by the same amount according to the median economic forecast gathered by Dow Jones is good news.
Year-over-year June CPI was 3.0%. The median forecast was 3.1% and the May figure was 3.3%. Core CPI, without energy or food to reduce volatility, was 3.3%. The forecast was 3.4%, which was also May's number. That was the smallest 12-month increase since April 2021.
The Bureau of Labor Statistics, which compiles CPI data, said that a 3.8% drop in gasoline prices more than offset an increase in shelter prices
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