Woofun AI data shows that the US Consumer Price Index decreased by 0.4% from May to June, representing the first monthly decline in six years. While the headline CPI rose 3.5% year-over-year, the core index, excluding food and energy, remained flat month-over-year with a 2.6% annual increase.

The decline was primarily driven by lower gasoline prices as energy shocks from the Iran conflict subsided, alongside reduced costs for apparel, used cars, and motor vehicle insurance. This subdued inflation data has led investors to scale back expectations for a July Federal Reserve rate hike, causing US stock index futures to rise and bond yields to fall.