Economic Buzz: US inflation down from 4.2% to 3.5% in June

The annual inflation rate in the United States stood at 3.5% in June, below forecasts and the 4.2% rate registered in May, the US Bureau of Labor Statistics (BLS) said in its report published on Tuesday. Month-on-month, the Consumer Price Index (CPI) declined by 0.4%.

The core inflation rate, excluding energy and food, rose by 2.6%, a decline compared to 2.9% seen in May. The food index increased only slightly, by 0.3% year-on-year and 0.2% month-on-month. However, the energy index contributed more significantly to the rise in the overall index, jumping by 15.7% on an annual basis, despite dropping by 5.7% on a monthly one.

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