US consumer prices unexpectedly fell in June, drawing Fed closer to cutting interest rates

Joe Biden says in statement that falling prices and rising wages are thanks to my economic plan'

Prices unexpectedly fell in the US last month, lifting hopes that the Federal Reserve is on the verge of cutting interest rates.

As inflation fell 0.1% on a monthly basis in June, having been unchanged in May, the consumer price index's annual increase was also the smallest in a year.