The headline consumer price index for June cooled to 3.5%, outperforming the 3.8% rate anticipated by economists. Core inflation, which excludes volatile food and energy costs, dropped to 2.6%, coming in below the projected 2.8% threshold.
Month-over-month inflation data showed a 0.4% decrease, marking the most substantial monthly decline for the metric since May 2020. Following the release of these figures, U.S. stock market futures trended sharply higher.