Consumer prices in June fell for the first time in four years

The consumer price index dipped 0.1% last month, the first drop since May 2020, after being unchanged in May, the Labor Department’s Bureau of Labor Statistics said.

U.S. consumer prices fell for the first time in four years in June amid lower gasoline costs and moderating rents, firmly putting disinflation back on track and drawing the Federal Reserve another step closer to cutting interest rates in September.