The consumer price index fell a seasonally adjusted 0.4% for the month, bringing the annual inflation rate down to 3.5%. Wall Street had expected a 0.2% monthly decline and 3.8% annual level. The monthly drop was the largest since April 2020. Core inflation, which excludes food and energy, was flat on the month, putting the 12-month rate at 2.6%. The consensus forecast was for respective increases of 0.2% and 2.9%. The easing of prices came from a big decline in energy and an easing in services costs, particularly for housing.
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