Consumer prices fell 0.4% in June, up less than expected annually - UPI.com

The consumer price index for energy decreased by 5.7% in June, marking the largest decline in more than six years. The index for gasoline increased by 26.7%. File Photo by Bonnie Cash/UPI | License Photo

July 14 (UPI) -- The consumer price index for the year ending in June rose 3.5%, less than economists expected, the U.S. Bureau of Labor Statistics reported Tuesday.

For the month, consumer prices fell by 0.4% due in part to the energy index dropping by 5.7%. It was the largest decline in the energy index in more than six years, following a spike in energy prices due to the Iran war and closure of the Strait of Hormuz.

The consumer price index decline for the month followed a 0.5% increase in May, also making the decrease a six-year best for a single month.

The energy index remains high for the 12 months ending in June, up by 15.7%. This is bolstered by a 26.7% increase in the index for gasoline.