Prices increased less than anticipated last month, according to the latest inflation print released Thursday. 

The consumer price index (CPI) for June showed a 3% increase year-over-year, coming in just below analysts’ expectations of a 3.1% increase, according to the US Bureau of Labor Statistics. So-called core CPI, which excludes volatile food and energy prices, showed a 3.3% annual increase.

The annual inflation rate is now the lowest since June 2023 and core CPI has cooled to its lowest annual level since April 2021. 

The print was enough to boost expectations that the Federal Reserve may opt to lower interest rates in September. Odds of a cut in the fall increased to 83%…

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