Lower energy prices helped dampen the gain in the Consumer Price Index.
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A gas station in Pasadena, Calif: Photo: Mario Tama/Getty Images
Inflation fell in June, on the back of lower energy prices, the government said Tuesday.
Why it matters: It's the largest one-month decrease since April 2020, but it may be a short-lived reprieve — the report doesn't account for the sharp increase in oil prices this month as the Iran war re-ignites.
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Consumer companies fell as concerns about rising oil futures offset a muted inflation report.
...led by a huge drop in energy costs.
The nationwide average gas price dropped below $4 a gallon this month for the first time since March.
