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Prices fell in June for the first time since the start of the pandemic

CNN  —  US consumer prices did something in June that they haven’t done since the early part of the pandemic: They fell. Consumer prices dropped 0.1% on a monthly basis, helping to bring the annual rate of inflation to 3% from 3.3% in May, according to the Bureau of Labor Statistics’ latest Consumer Price Index report. Falling gas prices as well as a drop in new and used car prices helped to usher in the overall decrease, BLS data showed. Economists were expecting a 0.1% monthly increase and an annual gain of 3.1%, according to FactSet consensus estimates.