On a monthly basis, the index, which measures a broad swath of prices for goods and services, rose 0.2%.
Stripping out volatile food and energy prices, core CPI rose 4.8% from a year ago and 0.2% on a monthly basis.
The annual rate was the lowest since October 2021.
Food prices rose just 0.1% on the month while used vehicle prices, a primary source for the inflation surge in the early part of 2022, declined 0.5%.
The easing in the CPI helped boost worker paychecks: Real average hourly earnings, adjusted for inflation rose 0.2% from May to June and increased 1.2% on a year-over-year basis.
Persons:
George Mateyo, Mateyo, Lisa Sturtevant
Organizations:
Federal Reserve, Key Private Bank, of Labor Statistics, Bright MLS, Fed, Dow Jones, Treasury, Traders, CPI