The June inflation rate dipped for the first time in more than four years, opening the door for the Federal Reserve to potentially begin lowering interest rates this year, according to a July 11 report from CNBC.
The consumer price index also fell 0.1% from May, putting the 12-month rate at 3%, around its lowest level in more than three years.
This is the first time the CPI has seen a monthly rate decrease since May 2020. The index increased 0.1% monthly and 3.3% from a year ago, compared with predictions of 0.2% and 3.4%, according to CNBC.
Weekly jobless claims also fell to 222,000, a decrease of 17,000 from the previous week and the lowest level since June 1.