Inflation was negative in June
According to the Bureau of Labor Statistics, the seasonally adjusted consumer price index (CPI) dropped by one-tenth of 1% in June, lower than expected. The inflation rate over the last 12 months has dropped to 3%. A significant drop from May's 3.3%. It is important to note that this does not mean prices are decreasing; the last calendar year with negative inflation was 1954. This means that prices have increased every year in the last 75 years except for one. It is, of course, the rate at which they increase which is the issue, and they rose at a significantly higher rate than the average in the 2021-22 period; however, last year and so far this year, they have been rising at a lower than the average rate.
Read More →