Consumer prices rose 3% last month compared to a year ago, marking a significant slowdown and raising hopes that a prolonged bout of heightened inflation is nearing its end.
The fresh data Wednesday morning from the Bureau of Labor Statistics arrives days after a government release indicated that hiring slowed last month but remained solid. The economy, the jobs report suggests, continued a gradual downshift in June amid a central bank effort to dial back activity and slash prices while averting a recession.
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