US consumer inflation cools to lowest since early 2021

Washington (AFP) - US consumer inflation cooled in June to its lowest rate since early 2021, according to government data released Wednesday -- an encouraging sign for policymakers battling cost-of-living pressures. The key inflation gauge, the consumer price index (CPI), rose 3.0 percent from a year ago last month, the smallest increase since March 2021 and down from 4.0 percent in May, said the Labor Department. The US Federal Reserve has raised interest rates rapidly over the last year to ease demand and bring down price growth. While Fed officials have signaled that further rate hikes are ...