Consumer prices rose 3.5% last month

(NBC, KYMA) - The June Consumer Price Index (CPI) report from the Bureau of Labor Statistics is offering some better than expected news.

Consumer prices rose 3.5% annually last month, which is less than expected. It's the biggest decline in the inflation rate in more than six years. Prices are still going up, but more slowly.

Analysts credit the dip in energy prices for providing at least temporary relief from this year's inflation surge.

The CPI is a broad measure of the costs for goods and services across the U.S. economy.

Food prices rose 0.2%, while new vehicles were flat and used cars and trucks saw a 0.2% decline. Apparel prices, which are sensitive to both energy and tariff inputs, fell 0.6%.

Stock market futures were mostly positive following the report while treasury yields were sharply lower.