U.S. Consumer Prices Fall 0.4% in June as Energy Costs Drop 5.7%
Updated
Updated · Chicago Tribune · Jul 17
U.S. Consumer Prices Fall 0.4% in June as Energy Costs Drop 5.7%
3 articles · Updated · Chicago Tribune · Jul 17
Summary
Consumer prices fell 0.4% in June after a 0.5% rise in May, the sharpest monthly inflation decline in six years.
Energy prices drove much of the drop, tumbling 5.7%—the biggest fall since April 2020—alongside cheaper clothing, medical care and transportation.
Annual inflation still ran at 3.5%, with energy costs up 15.7% from a year earlier, leaving prices well above the Federal Reserve’s 2% target.
Gasoline averaged $4.20 a gallon after a 46-cent monthly drop, but renewed fighting involving Iran and the Strait of Hormuz has pushed oil back near a one-month high.
Household costs remained uneven: eggs fell to $2.14 a dozen and tomatoes to $2.15 a pound, while milk hit a record $4.32 a gallon, ground beef nearly $7 a pound and electricity a record 20 cents per kWh.