US inflation falls below expectations to 3% in June

Core inflation at 4.8%

US inflation fell to 3% in June, down from 4% in May and below expectations of 3.1%, the Bureau for Labor Statistics revealed today (12 July).

The 3% figure represents the smallest inflation reading since March 2021, with the US now coming close to the Federal Reserve's 2% target. Core inflation, which excludes food and energy, came in at 4.8%, down from 5.3% the month before and below expectations of 5%. Amundi CIO: Western markets set for 'slow-motion pain' Shelter continued to be the biggest driver of inflation, contributing to over 70% of the increase throughout the month, while the cost of motor vehicle insurance also pushed prices up. Meanwhile, airline fares contributed to the decline, falling 8.1% over the ...