US inflation cooled off in June, with prices rising 3.7% compared to last year, down from May's 4.1%. This decline was largely due to cheaper oil during a brief U.S.-Iran cease-fire.
The PCE Price Index dropped by 0.1% month-over-month, marking the weakest reading since April 2020.
Despite this drop in inflation, core inflation, which excludes food and energy prices, still rose 3.3% for the year.
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