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fell to 3% for the year ending in June in the consumer price index, the Bureau of Labor Statistics reported Thursday, marking three months of disinflation.
The Federal Reserve, which has raised interest rates to their highest level since the turn of the century, will also be pleased to see inflation continuing its descent back to earth. Continued declines may allow the Fed to cut rates sooner than expected, which would be good news for consumers and the labor market
In fact, annual core inflation has fallen every month since March 2023, except for one month earlier this year when it ticked up slightly.
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