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Inflation Rose 3% Annually in June

U.S. inflation rose 0.2% in June from May and 3% annually, according to the Bureau of Labor Statistics.

The Details: The 3% annual jump in the consumer price index (CPI) was the lowest since March 2021. Energy prices are down roughly 17% from a year ago, and prices of used cars and trucks are down roughly 5%. Core prices, which exclude food and energy items, are up 4.8% from a year ago. Food prices are up 5.7% annually, and shelter prices are up 7.8%.

For Context: The annual inflation rate has fallen for 12 straight months after peaking at 9.1% last June, but prices of many items continue to rise.

How the Media Covered It: Sources across the spectrum covered the data as a top story Wednesday. CNN Business (Lean Left bias) led its article by saying "What a difference a year makes." Fox Business (Lean Right) said "Inflation showed welcome signs of cooling in June, but core prices pointed to strong underlying pressures that are still bubbling beneath the surface." CNBC (Center) said inflation falling to its lowest level in two years was a "product both of some deceleration in costs and easy comparisons against a time when price increases were running at a more than 40-year high." CNBC showed a graphic of inflation data over the past year; Fox Business showed a graphic of inflation data over the past decade.

Posted on 12 Jul 2023 14:45 link