Inflation in the United States continued its downward trend, as consumer prices rose three percent this year through June, a significant decrease in the previously skyrocketing inflation trends, according to data released by the Bureau of Labor Statistics. The three percent increase in the Consumer Price Index is less than the four percent increase in May of this year, and a significant improvement from the nine percent increase in June 2022.
Declining gas and housing prices partially accounted for the easing inflation. While inflation remains higher than pre-pandemic levels, economists have said this report is promising for both the continued decrease of prices and interest rates.
The full report from the Bureau of Labor Statistics can be found here.