US inflation rate falls to 3.5% in June

Washington, July 14 (KUNA) -- The U.S. Department of Labor announced on Tuesday that the monthly inflation rate in June fell to 3.5 percent, according to the Consumer Price Index, marking the largest decline in six years. A report from the Bureau of Labor Statistics, an agency under the department, stated that the drop in consumer prices was largely driven by “lower energy costs.” The report added that the inflation rate in June decreased by 0.4 percent compared to the annual rate recorded in May. The decline recorded in June represents the largest monthly drop since April 2020, when the Consumer Price Index fell by 0.8 percent. According to the U.S. news network CNBC, economists surveyed by Dow Jones had predicted a decline of 0.2 percent, with the annual rate reaching 3.8 percent. (End) R.S.R./A.M.S.