Food price inflation slowed in the US in June

By: Trademagazin Date: 2023. 07. 12. 11:58

In June, inflation in the United States decreased more than expected, based on the Wednesday report of the Bureau of Labor Statistics, a statistical institute of the Department of Labor in Washington.

In the sixth month, the rate of annual increase in consumer prices fell to 3.0 percent in the United States, the lowest since March 2021, from 4.0 percent in May. The decrease was larger than expected, with a consensus of 3.1 percent among market analysts for June inflation.

The decrease in inflation is largely attributable to last year’s high base. At that time, the rapid increase in energy and food prices raised the annual consumer price index to a peak of 9.1 percent in 1981.

On an annual basis, energy prices decreased by 16.7 percent in June after the 11.7 percent annual decrease in May. In June, energy prices exceeded the previous month by 0.6 percent, and in May the decrease was 3.6 percent on a monthly basis.