WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that inflation, as measured by the consumer price index (CPI) on all items, increased by 2.7% for the 12 months ending in June, a slight increase from 2.4% in May.
June data confirms the annualized rate of inflation is below the year-earlier pace, showing that prices are right on track.
Energy prices fell an additional 0.8% in June after falling 3.5% in May. The price of gasoline fell by an additional 8.3% in June after falling 11.6% in May.
Core inflation, which excludes volatile energy and food prices, was unchanged, increasing at a pace of 2.8% in May after the same in April and the identical March rate of 2.8%.
Wage growth remains strong under President Trump. Real average weekly wages increased by 1.3%.
Prices for everyday Americans continue to fall. Prices for new and used vehicles and airfare fell last month, while annualized shelter inflation dropped to its lowest in nearly four years—with prices for gas, fuel oil, energy commodities, hotels, airfare, public transportation, and fresh vegetables all down over last year.
Carrie Sheffield, senior policy analyst for Independent Women’s Center for Economic Opportunity, issued the following statement:
“America continues to enjoy a robust economy, including moderating inflation and energy prices continuing to fall sharply, thanks to President Trump’s leadership.
“Core inflation beat expectations for another month. Since President Trump took office, core inflation has tracked at just 2.1%—levels not seen since the first Trump administration, when prices were low and stable—and has come in below or at economists’ expectations every single month.
“This is in part due to President Trump’s laudable requirement that federal agencies repeal 10 existing regulations for every new one proposed. This unleashes economic growth and innovation.
“Additionally, President Trump and members of Congress this month passed renewed tax and other economic reforms in the One Big, Beautiful Bill Act, which will improve wage growth and ensure families keep more of their hard-earned money. We look forward to seeing these efforts bear fruit and continue to ease inflation for American families in the months ahead.”
###
Independent Women advances policies that actually enhance opportunity and well-being.
Independent Women’s Forum’s Center for Economic Opportunity (CEO) aims to educate the public about how government policies impact people’s opportunities for economic development and upward mobility.
