WASHINGTON, DC – Consumer prices in the United States rose modestly in June and recorded their smallest annual increase in over two years.
As a result, the country’s inflation continues to slow down, but probably not enough to discourage the Federal Reserve (the U.S. central bank) from resuming interest rate hikes at its meeting later this month.
The Consumer Price Index (CPI) rose 0.2% last month, following a 0.1% increase in May, as reported by the Department of Labor on Wednesday (12th). The index was driven by higher gasoline prices as well as rents, which offset the decrease in used vehicle prices.
“The market’s economic well-being plays a vital role in influencing immigration patterns. Individuals relocate to foreign countries in pursuit of fresh opportunities. It’s not merely a matter of changing locations; astute entrepreneurs pursuing genuine internationalization carefully assess various environments to ensure economic growth for their own enterprises. The economic policies of a nation hold fundamental significance.” evaluates Fernando Hessel, the Director of Communications at Risch Law Firm in the USA.
Over the 12 months through June, the Consumer Price Index advanced 3.0%. This was the smallest annual increase since March 2021, following a 4.0% increase in May.
Excluding the volatile prices of food and energy, the index increased 0.2% in June. It was the first time in six months that the so-called core inflation did not record monthly gains of at least 0.4%. Over the 12 months through June, the core index rose 4.8% after a 5.3% increase in May.