U.S. inflation is believed to have reached a new four-decade high in June, but falling gas prices and discounts at some retailers may be signs of easing price pressures, economists said.
The consumer price index is expected to rise 8.8 percent in June from the same month a year ago, according to economists polled by The Wall Street Journal. That would be higher than May’s annual rate of 8.6 percent, which prompted Federal Reserve officials to move toward a faster pace of interest rate hikes, according to meeting minutes released last week. The Labor Department will release the June inflation report at 8:30 a.m. ET on Wednesday.
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