US Inflation Drops to 3% in June, Boosting Hope for Rate Cuts 📉

The Consumer Price Index in the United States slowed more than expected in June, providing further signs of progress Thursday toward returning to the Federal Reserve’s 2% inflation target and maintaining high expectations for a near-term kickoff of interest rate cuts.<br /><br />Last month, the average increase in a basket of goods and services measured by the Bureau of Labor Statistics was 3% compared to June 2023, slightly cooler than economist forecasts of 3.1%. The June report marks the third consecutive decline in the inflation rate, a trend not observed since May 2023.