Forecasts called for 12-month consumer price increases to slow from 4% in May to 3.1% in June — just about 1 percentage point above the Federal Reserve’s 2% inflation target.
FILE - Egyptians walk past a poster depicting a U.S. dollar outside an exchange office in Cairo, Egypt, Thursday, Feb. 9, 2023. Egypts annual inflation rate set a record high in June, as the most populous Arab country continues to battle price hikes and a depreciating currency, the Egyptian statistics bureau said Monday, July 10, 2023.
By one measure, the U.S. economy is already close to slaying the price inflation that has bedeviled it for the better part of two years.
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