Inflation cooled in June. The June Consumer Price Index showed prices declined 0.1% month-over-month compared to the Bloomberg consensus estimate, which was of 0.1% increase. From a year ago, prices rose 3.0% versus the 3.1% estimate.

Stripping out the more volatile food and energy prices, core CPI rose 0.1% from May compared to the 0.2% estimate. It rose 3.3% from a year ago, which is less than the expected 3.4%.

The data is likely welcome news for the Federal Reserve, which has been looking for signs that inflation is easing before cutting rates.

Morning Brief anchors Seana Smith and Brad Smith report the breaking data.

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This post was written by Stephanie Mikulich.