Consumer prices rose 3.5% annually in June, less than expected as energy prices eased

The consumer price index, a broad measure of costs for goods and services across the U.S. economy, was lower than expected across the board. CPI fell a seasonally adjusted 0.4% for the month, bringing the annual inflation rate down to 3.5%. Economists surveyed by Dow Jones had been looking for a drop of 0.2% and an inflation rate of 3.8%.

Core inflation, which excludes food and energy, was flat on the month, putting the 12-month rate at 2.6%. The consensus forecast was for respective increases of 0.2% and 2.9%.

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