Inflation cooled off more than expected in June

• The consumer price index increased 3.0% in June from a year earlier.
• It was expected to cool off slightly — from a year-over-year increase of 3.3% to 3.1%.
• CPI declined 0.1% month-over-month.

The consumer price index rose 3.0% year-over-year in June, the lowest headline year-over-year rate in a year.

The expected increase noted on Investing.com was 3.1%.

Inflation had been cooling for the previous few months; the CPI rose 3.3% for the 12 months ending May, down from the 3.4% increase in April and the 3.5% increase in March.

A news release from the Bureau of Labor Statistics published on Thursday said the CPI declined 0.1% month-over-month. It was expected to increase 0.1% after no month-over-month change in May.

Core CPI, which excludes food and energy, rose 3.3% for the 12 months ending June. This follows the 3.4% year-over-year increase in May and differs slightly from the forecast of 3.4%.

Additionally, core CPI rose 0.1% from May to June. The forecast was 0.2%, which would have matched the previous month-over-month increase.

This is a developing story. Please check back for updates.