# FedRatePath

#USCoreCPIMissesExpectations
US Core CPI Undershoot Expectation: Disinflation Trend Carries On
US June inflation showed another month of moderation as core CPI accelerated to 2.7% YoY, coming in below consensus at 2.8% (vs. 2.9% prior month). Headline CPI had its first monthly negative printing since 2020, falling -0.1% MoM (YoY decelerated to 3.8% vs. 4.2% prior). The lower energy price in June was largely responsible for headline deflation.
Drilling Down and sticky inflation in underlying drivers
Headline inflation did ease substantially; nevertheless core services price inflation remains p