The inflation rate declined from last month but is still 1% higher than the Federal Reserve's 2% target rate, Wednesday's Consumer Price Index Report shows, indicating that the cost of U.S. goods and services increased 3% in June compared to the same time last year. Inflation has slowed down compared to June 2022's four-decade high of 9.1%. Measuring inflation by tracking the prices consumers pay over time, the CPI was at 4% in May 2023. The cooling inflation rate comes after the Federal Reserve Bank maintained interest rates last month after 10 straight hikes to fight rising prices.

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