![]() ![]() From May to June, core inflation was just 0.2%, down from 0.3% the previous month, an encouraging sign.Ī separate report Friday from the Labor Department showed that a gauge of wages and salaries grew more slowly in the April-June quarter, suggesting that employers were feeling less pressure to boost pay as the job market cools.Įmployee pay, excluding government workers, rose 1%, down from 1.2% in the first three months of 2023. Those still-high underlying inflation pressures are a key reason why the Fed raised its short-term interest rate Wednesday to a 22-year high.Ĭore prices were still 4.1% higher than they were a year ago, well above the Fed’s target, though down from 4.6% in May. ![]() Economists track core prices because they are considered a better signal of where inflation is headed. And restaurant meal prices increased 0.4% in June they’re up 7.1% from 12 months earlier.Ī measure of “core” prices, which excludes volatile food and energy costs, did remain elevated even though it also eased last month. ![]() Veterinary services, up 0.5% last month, are 10.5% higher than a year ago. Average prices of movie tickets rose 0.5% from May to June, and are up 6.2% from a year earlier. The cost of some services, though, continued to surge. ![]()
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