Inflation cools to 3% but remains above target rate

The inflation rate declined from last month but is still 1% higher than the Federal Reserve's 2% target rate, Wednesday's Consumer Price Index Report shows, indicating that the cost of U.S. goods and services increased 3% in June compared to the same time last year. 

Inflation has slowed down compared to June 2022's four-decade high of 9.1%.

Measuring inflation by tracking the prices consumers pay over time, the CPI was at 4% in May 2023.

The cooling inflation rate comes after the Federal Reserve Bank maintained interest rates last month after 10 straight hikes to fight rising prices.

Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.