The following is from Just The News.

The annual inflation rate slowed to 3.5% in June, according to the Consumer Price Index report released Tuesday by the Dept. of Labor’s Bureau of Labor Statistics.

The June reading was 0.4 percentage points lower than the annual inflation rate reported in May.

According to the Labor Department, the slowdown was driven in large part by a decline in energy costs.

The Consumer Price Index measures price changes for a broad range of goods and services across the US economy and is one of the government’s primary inflation gauges.

The June decline in the annual inflation rate was the largest one-month decrease since April 2020, when the CPI fell 0.8%.

Economists surveyed by Dow Jones had expected a smaller decline, forecasting an annual inflation rate of 3.8%, according to CNBC.

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