US inflation falls to 3%, lowest level in more than 2 years, as price pressures ease

Despite the good news, the Fed is still all but certain to raise its benchmark interest rate again in two weeks.

WASHINGTON — After two years of painfully high prices, inflation in the United States has reached its lowest point in more than two years — 3% in June compared with 12 months earlier — a sign that the Federal Reserve’s interest rate hikes have steadily slowed price increases across the economy.

The inflation figure the government reported Wednesday was down sharply from a 4% annual rate in May, though still above the Fed’s 2% target rate. Over the past 12 months, gas prices have dropped,

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