NPR – Annual inflation hit 3% in June, the lowest since March 2021, a sign that the Federal Reserve’s aggressive rate hikes are having an impact, though it will likely have to take even more action. Measured from May to June, consumer prices rose just 0.2%, according to the Labor Department’s report on Wednesday. Rising rent and clothing prices last month were partially offset by falling prices for air fare, used cars, and furniture. Gasoline prices rose 1% last month but are down more than 26% from a year ago, when pump prices hit an all-time high of more than $5 a gallon.
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