United States Core Inflation Rate

The annual core consumer price inflation rate in the United States, which excludes volatile items such as food and energy, fell further to an over three-year low of 3.3% in June 2024, easing from 3.4% in the prior month and below market forecasts of 3.4%. The shelter index, accounting for over two thirds of the total 12-month increase in the all items less food and energy index, rose by 5.2% in June, down slightly from 5.4% in May. Prices also softened for motor vehicle insurance (19.5% vs 20.3% in May), while rising faster for personal care (3.2% vs 2.9%). On a monthly basis, core consumer prices rose by 0.1% from the previous month in June of 2024, easing from a 0.2% increase in May and below market expectations of a 0.2% increase to mark the softest increase in core consumer prices since at least February 2021.