Inflation fell to its slowest pace since early 2021 in June, the Department of Labor said on Wednesday.
The U.S. consumer price index rose by three percent compared with a year ago, the government said. Compared with a month earlier, the index was up by 0.2 percent.
Both the yearly and monthly figures were lower than expected. Wall Street analysts had forecast a 0.3 percent increase for the month and a 3.1 percent increase year-over-year.
Inflation accelerated compared with May. The month-t0-month figure picked up from the slight 0.1 percent gain recorded for the April to May period.
Excluding food and energy prices, so-called core inflation rose by 0.2 percent for the month. Compared with a year ago, core prices are up by 4.8 percent.