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Inflation unexpectedly falls to 3% in June
Inflation cooled more than expected in June, a welcome sign for the Federal Reserve even as prices remained uncomfortably high for millions of Americans.
The Labor Department on Thursday said that the consumer price index (CPI), a broad measure of how much everyday goods like gasoline, groceries and rent cost, dropped 0.1% in June from the previous month. It marked the first monthly decline since May 2020. Prices remain up 3% from the same time last year.
Both of those figures...
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