Inflation slowed in June amid a now-defunct Middle East ceasefire, casting doubt on a potential Federal Reserve rate hike next week.

The June Consumer Price Index (CPI) fell 0.4% on a seasonally adjusted basis, following a 0.5% rise in May, according to the U.S. Bureau of Labor Statistics. That was the largest month-over-month decline since April 2020, driven mainly by a 9.7% drop in gas prices when an agreement for a ceasefire in the U.S.-Iran conflict was signed.

First American senior economist Sam Williamson, however, noted that the bigger story was core inflation.

“Stripping out the volatile food and details ⇒

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