FX.co ★ US June CPI Cools to 3.5% Year-on-Year, Extending Disinflation Trend

The U.S. Consumer Price Index (CPI) eased to 3.5% year-on-year in June 2026, down from 4.2% in May 2026, according to data updated on 14 July 2026. The June reading, measured on a year-over-year basis, indicates a continued moderation in inflation pressures compared with the same month a year earlier.

The previous figure for May represented a 4.2% increase over May of the prior year, while June’s 3.5% print reflects a further step down in the pace of annual price growth. Both the current and previous indicators are calculated as year-over-year changes, comparing each month to its counterpart a year earlier, highlighting a clear disinflationary trajectory through late spring and early summer 2026.

Investors and policymakers are likely to view the June slowdown as a key signal in assessing the direction of U.S. inflation dynamics, with the latest figures reinforcing the narrative of gradually cooling consumer prices following earlier, higher readings.