ExclusiveUS Consumer Prices Increase as Expected in June

The US Consumer Price Index increased 0.3% in June after edging up 0.1% in May, the Labor Department's Bureau of Labor Statistics said on Tuesday. That was the largest gain since January. In the 12 months through June, the CPI advanced 2.7% after rising 2.4% in May. Excluding the volatile food and energy components, The CPI rose 0.2% in June after edging up 0.1% in the prior month. In the 12 months through June, core CPI inflation increased 2.9% after rising 2.8% for three straight months. Inflation readings came in on the low side in February through May, leading to demands by President Donald Trump for the Federal Reserve to lower borrowing costs. The Fed tracks different inflation measures for its 2% target. The central bank is expected to leave its benchmark overnight interest rate in the 4.25% to 4.50% range at a policy meeting later this month. Minutes of the central bank's June 17-18 meeting, which were published last week, showed only a couple of officials said they felt rates could fall as soon as the July 29-30 meeting. The Fed's June 17-18 meeting showed only a couple of officials said they felt rates could fall as soon as the July 29-30 meeting.