US inflation slows to 3 pct, lowest level in over 2 years

WASHINGTON, July 12 (KUNA) -- US inflation slowed to 3.0 percent over the last 12 months ending in June, which was the smallest 12-month increase since the period ending March 2021, official data showed Wednesday.

The US Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June after increasing 0.1 percent in May, whereas over the last 12 months, the all items index increased 3.0 percent.
The index for shelter was the largest contributor to the monthly all items increase, accounting for over 70 percent of the increase, with the index for motor vehicle insurance also contributing.
The food index increased 0.1 percent in June after increasing 0.2 percent the previous month and the energy index rose 0.6 percent in June.
The index for all items less food and energy rose 0.2 percent in June, the smallest one-month increase in that index since August 2021.
Meanwhile, the all items less food and energy index rose 4.8 percent over the last 12 months.
The energy index decreased 16.7 percent for the 12 months ending June and the food index increased 5.7 percent over the last year.
President Joe Biden said in a statement in this regard, that today's report "brings new and encouraging evidence that inflation is falling while our economy remains strong." "We've made this progress while unemployment remains near record lows and a higher share of working age Americans are in jobs now than in 20 years," he added.
He continued "I ran for office to grow the economy from the middle out and bottom up, not the top down: that's exactly what we're doing." (end) si.mb.