Data released moments ago by the US Bureau of Labor Statistics showed that the Consumer Price Index (CPI), which measures inflation, fell by 0.4% in June, compared to a 0.5% increase in May, missing market expectations. The core CPI, which excludes food and energy prices, remained unchanged at 0.0%, compared to a 0.2% increase in May (expected at 0.2%).

Conversely, the annual CPI rose to 3.5% over the past 12 months, compared to 4.2% in May, also falling short of expectations. The core annual CPI rose to 2.6% from 2.9%. In detail, the energy index recorded a decrease of 5.7% in June on a monthly basis after an increase of 3.9% in May, and rose 15.7% on an annual basis from 23.5% in May. Meanwhile, the food index rose in June to 3.0% on an annual basis from 3.1% in May, while the housing and shelter index rose to 0.1% from 0.3% on a monthly basis and to 3.3% on an annual basis from 3.4%.