Inflation unexpectedly falls to 3% in June

July 11, 2024 at 08:33 AM EDT

The Labor Department on Thursday released the closely watched June consumer price index report, revealing just how hot inflation was running last month.

The Labor Department on Thursday said that the consumer price index (CPI), a broad measure of how much everyday goods like gasoline, groceries and rent cost, fell 0.1% in June from the previous month. Prices remain up 3% from the same time last year.

Both of those figures are lower than the 0.1% monthly increase and 3.1% headline gain forecast by LSEG economists.

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