Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
The U.S. consumer price index, the government’s top measure for inflation, decreased 0.1% in June compared to May. The price of goods and services increased by 3% in the 12-month period ending in June. The new inflation data was released Thursday by the government's Bureau of Labor Statistics.
After dropping to 3% in June 2023 following a high of over 9% in 2022, the annual inflation rate peaked at 3.7% in August 2023.The consumer price index weighs the costs of goods based on their importance. Items like food, shelter and energy tend to be weighted more heavily.The good news for consumers is that inflation for food purchased at grocery stores is low. In the 12 months ending in June, food meant to be consumed at home was 1.1% higher.
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