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Latest Posts by FlyRight:
Labor Department reports annual inflation
in June was 3.5%, biggest monthly drop
in over six years replies
in June was 3.5%, biggest monthly drop
in over six years replies
The annual inflation rate in June was 3.5%, according to the Labor Department's consumer price index report released Tuesday.
The report by the department's Bureau of Labor Statistics attributes the drop in consumer prices, in large part, to a decrease in the cost of energy.
The consumer price index is a broad measure of costs for goods and services across the U.S. economy.
The June rate also marked a 0.4% decrease from the annualized rate in May.
This decline in June was the largest 1-month decrease since April 2020 when the CPI fell 0.8%.
President Donald Trump announced Tuesday that he is replacing his proposed 20 percent reimbursement fee on cargo ships transiting the Strait of Hormuz with trade and investment deals involving Gulf states, while maintaining a blockade on ships traveling to or from Iranian ports or carrying Iranian cargo.
“Oil is flowing like never before, thanks to the awesome Power of the United States Military,” Trump wrote Tuesday on Truth Social, crediting Secretary of War Pete Hegseth, Chairman of the Joint Chiefs of Staff Dan Caine, U.S. Central Command Commander Adm. Brad Cooper, and American service members.