The U.S. annual inflation rate eased for the third consecutive month and came in below the consensus estimate, offering the Federal Reserve further evidence that progress is being made in returning to the central bank’s 2 percent target rate.
According to the Bureau of Labor Statistics, the consumer price index (CPI) slowed to 3 percent in June, down from 3.3 percent in May. The consensus estimate was 3.1 percent, and headline inflation was at a 12-month low.
