Prices fell in June for first time since pandemic

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The consumer price index (CPI) dipped to a 3-percent annual increase in June, down from 3.3 in May with the first month of price declines since the pandemic, the Labor Department reported Thursday.

The CPI also fell 0.1 percent in June, marking the second straight month of plateauing or declining prices. Economists expected an annual inflation rate of 3.1 percent, according to consensus projections.

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Updated at 8:38 a.m. ET.

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