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  • Core Services CPI Cools to Still Red-Hot 6.2%, Core CPI to 4.8%. Plunge in Energy Prices Pulls Down Overall CPI to 3.0%. Food Prices Stabilize at Very High Levels.

Core Services CPI Cools to Still Red-Hot 6.2%, Core CPI to 4.8%. Plunge in Energy Prices Pulls Down Overall CPI to 3.0%. Food Prices Stabilize at Very High Levels.

July 13, 2023

by Wolf Richter Wolf Street

We already know the factors that will make this much tougher going forward.

The “Core” Consumer Price Index rose by a still hot 4.8% in June compared to a year ago, but that was down from an increase of 5.3% in May, according to data by the Bureau of Labor Statistics today. June was the smallest increase since October 2021. As a measure of underlying inflation, core CPI excludes the prices of food and energy products that tend to move wildly in either direction.

Overall CPI rose by 3.0% in June year-over-year, the lowest since March 2021.