Economists had predicted significant year-on-year decreases in both headline and core inflation for this report.
In May, the CPI plummeted to 4%, indicating a consistent downward trend. However, despite this decline, the Federal Reserve appears poised to proceed with a planned interest rate increase later this month.
Last week, the Federal Reserve indicated that it may halt its ongoing cycle of interest rate increases, despite inflation persisting above its 2% objective.
On Wednesday, investors will closely monitor two key events: the release of the latest U.S. Consumer Price Index, which provides insights into the current inflationary trends, and the occurrence of the Shanghai 'hard fork,' a significant development in the cryptocurrency market.
Early on Friday, the top cryptocurrency by market cap dropped to its lowest point since July 27.