U.S. consumer inflation slows in June as CPI posts steepest monthly decline in six years
Fresh June inflation data from Washington points to a sharp monthly pullback in consumer prices even as annual inflation remains elevated. The update also shows regional price pressures persist across the U.S., while real weekly and hourly earnings edge higher month over month.
Highlights
- Headline CPI-U falls 0.42 percent in June, its steepest monthly decline in six years, but remains up 3.53 percent year-over-year.
- Core CPI drops 0.02 percent in June and rises 2.59 percent over the past year; energy inflation drops 5.71 percent but is up 15.70 percent year-over-year.
- Northeast leads with annual headline CPI inflation at 4.3 percent, while real average weekly earnings increase 0.77 percent in June.
June inflation data and price components
As reported by Joint Economic Committee Republicans, citing the Joint Economic Committee, headline Consumer Price Index, or CPI-U, falls 0.42 percent in June, marking the biggest monthly decline in six years, while rising 3.53 percent over the past year.Core CPI, which excludes food and energy, drops 0.02 percent in June and increases 2.59 percent over the past year. Energy price inflation declines 5.71 percent in the month but stands 15.70 percent higher than a year earlier, while food price inflation rises 0.21 percent in June and is up 3.01 percent over the past year.
Regional inflation and earnings effect
Inflation varies across U.S. regions, with annual headline CPI inflation highest in the Northeast at 4.3 percent. The Midwest follows at 3.8 percent, while the South and West both record 3.2 percent.Real earnings also improve slightly in June on a month-over-month basis. Real average weekly earnings for all employees increase 0.77 percent, and real average hourly earnings rise 0.80 percent.
In our earlier coverage of the June U.S. CPI slowdown, we noted that cooling inflation data led markets to scale back expectations for a near-term Federal Reserve rate hike. We also highlighted how shifting energy prices can quickly alter the inflation outlook and keep policymakers cautious about declaring victory over price pressures.
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