June CPI: Headline -0.35%, Core Flat. What the Print Means for Rates
June CPI came in softer than any forecaster expected. The Bureau of Labor Statistics reported headline CPI at -0.35% month-over-month, bringing the annual rate to 3.53%. Core CPI, which excludes food and energy, came in at essentially flat: +0.01% month-over-month, with the annual rate at 2.59%. Consensus had expected headline at -0.1% and core at +0.2%. Both numbers missed to the soft side, with core missing by roughly 20 basis points on the monthly read. Key Takeaways Headline CPI printed -0.35% m/m in June 2026, below the -0.1% consensus, bringing the year-over-year rate to 3.53% from 4.2% in May. Core CPI (ex-food and energy) came in at +0.01% m/m and 2.59% y/y, sharply below the +0.2% m…
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