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US consumer prices drop in June as energy costs tumble, but annual inflation remains elevated
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US consumer prices drop in June as energy costs tumble, but annual inflation remains elevated
Consumer prices in the United States fell 0.4 percent in June, driven by cheaper energy, while annual inflation remained at 3.5 percent.
- The Consumer Price Index fell 0.4 percent month-on-month in June, the Department of Labor reported.
- Energy prices dropped 5.7 percent, with petrol prices declining 9.5 percent to an average of $3.85 per gallon.
- White House Deputy Press Secretary Kush Desai said President Trump had predicted that normalizing Strait of Hormuz traffic would cause oil prices and inflation to plummet.
- Fed Chairman Kevin Warsh said the central bank has "no tolerance for persistently elevated inflation."
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