The Bureau of Labor Statistics reported the update to the consumer price index on Tuesday. In June alone, prices fell by 0.4%, the largest such decrease since 2020.
The decline in prices in the month was caused primarily by a 10% drop in the price of gas, which was downstream of the resumption of oil tanker traffic through the Strait of Hormuz, a key global supply chokepoint, following the agreement between the U.S. and Iran.
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