US inflation drop to 3% fuels calls for September rate cut from the Fed

Beats expectations of 3.1%

The annual rate of US inflation fell to 3% in June, surpassing economists' expectations by 0.1 percentage point.

The Consumer Price Index (CPI) reading by the Bureau of Labor Statistics today (11 July) marks a drop from the 3.3% recorded in May, while core inflation, which strips out volatile food and energy prices, was down from 3.4% the month prior to 3.3%. Among the biggest contributors to the decrease were gasoline, which fell by 3.8%, and energy, which was down 2%. Meanwhile, shelter, motor vehicle insurance, medical care and personal care, and house furnishings and operations were all up over the month. US economy adds 206,000 jobs in June as unemployment rate inches higher According to...