Inflation eased more than expected in June, CPI report shows
Lower gasoline prices slowed inflation in June, though many household costs remained stubbornly high.
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Lower gasoline prices slowed inflation in June, though many household costs remained stubbornly high.
President Trump praised Walmart and said the lower prices are the result of "my Administration's request to celebrate our great Country's 250th birthday."
The Consumer Price Index rose last month at a 4.2% annual rate amid a spike in U.S. energy prices.
Economists expect the Consumer Price Index this week to show U.S. inflation continuing to rise due to higher energy costs.
U.S. consumer prices rose in April, fueled by a spike in energy prices caused by the Iran war.
Inflation rose at an annual rate of 3.3% in March, driven by the sharpest monthly increase in gas prices since 1967.
These charts track prices consumers pay for groceries and other goods now compared to five years ago.
Economic forecasts show that this week's March Consumer Price Index could show prices climbing at their fastest pace in nearly two years.
Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate.
Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.
Economists had expected CPI to rise at an annual rate of 3% last month.
Inflation last month rose at an annual rate of 3%, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
A 2.7% COLA increase would raise the average monthly Social Security payment by about $54.
The inflation rate was cooler than expected, with July's CPI rising 2.7% on an annual basis.
CBS News is tracking the rising cost of products most impacted by tariffs already imposed and new ones announced by President Trump, from grocery items to cars and trucks.
The Consumer Price Index in June rose 2.7% on an annual basis, in line with economists' predictions.
Beef costs around the U.S. surged to a record high in May. What's driving that jump, and are prices likely to ease up?
The average cost of one pound of ground beef reached a record-high of $5.80 in April, according to numbers from the Bureau of Labor Statistics.
Expired sales labels led to overcharges on more than 150 grocery items, according to an investigation led by Consumer Reports and others.
Weakening consumer confidence and mounting uncertainty could hit spending, economists warn.
The CPI report was cooler than expected, although inflation is still higher than the Federal Reserve's 2% annual goal.
Inflation cooled in March, but economists expect prices to reaccelerate as some of President Trump's tariffs kick in.
Americans express concern about their ability to pay bills and save money.
Inflation is proving stickier than expected, which could cause Fed to hit pause button on more interest rate cuts.
Americans have struggled with high grocery costs since inflation soared during the pandemic. Now prices are falling.
The entire state of Michigan will be under an air quality alert on Wednesday due to particulate pollution from Canadian wildfire smoke, environmental officials said.
Michigan health officials say the state's cyclosporiasis outbreak has grown to more than 3,300 cases in 55 counties.
Huntington Bank has decided to close 13 branches in Michigan, many of which are in Metro Detroit.
An amended complaint by former University of Michigan football coach Chris Partridge alleges that school leaders concealed their knowledge of the sign-stealing scheme that was under investigation by the NCAA.
Lower gasoline prices slowed inflation in June, though many household costs remained stubbornly high.
Michigan health officials say the state's cyclosporiasis outbreak has grown to more than 3,300 cases in 55 counties.
Cooling centers are open, and some events are canceled, for Tuesday in response to a heat wave.
Police say a man who was held after Saturday's shooting at a shopping mall in Auburn Hills has been released from custody.
An amended complaint by former University of Michigan football coach Chris Partridge alleges that school leaders concealed their knowledge of the sign-stealing scheme that was under investigation by the NCAA.
Some of Metro Detroit's communities have opened cooling center services in response to the heat wave.
As the United States marks its 250th birthday, Ford Motor Company is showcasing more than a century of automotive history in a new exhibit that explores the company's role in shaping America.
The Detroit Auto Show has spent more than a century evolving alongside the auto industry. It has grown from a small, local exhibition into one of the world's premier automotive events.
The Pontiac Star Car Reunion at the Oakland Expo Center features a wide range of vehicles.
President Trump says major automakers Ford and General Motors are in talks with defense contractors about possibly repurposing some plants for weapons production.
According to AAA, the average cost of gas statewide sits at $4.07.
Bonnie Tyler, the Welsh pop star best known for singing the chart-topping power ballad "Total Eclipse of the Heart" in 1983, has died. She was 75.
The nominations for the 78th annual Primetime Emmy Awards were announced Wednesday morning in Los Angeles, with the final season of HBO Max's "Hacks" setting a new record for the most nominations in a single year for a comedy series.
Taylor Swift and Travis Kelce were married as they celebrated their wedding with hundreds of guests Friday at Madison Square Garden in New York City.
The Hitsville USA campus is undergoing a $75 million donor-funded expansion that includes a theater, recording studio, and immersive exhibits, with a grand reopening planned for 2027.
Grammy Award-winning rapper and recording artist Ludacris won't be performing at the National Cherry Festival in Traverse City, Michigan, after initially being billed for the event due to an "unforeseen scheduling conflict," according to organizers.
Lower gasoline prices slowed inflation in June, though many household costs remained stubbornly high.
A 65-year-old man was thrown 8 feet into the air by a bison that charged at him in Yellowstone National Park, video shows.
A quarter of working-age adults use credit cards to purchase groceries but struggle to repay their debts, a new study finds.
Sen. Mitch McConnell released a statement on his health on Sunday along with a photo of himself and his wife, Elaine Chao, after questions swirled about his condition.
Heat alerts were issued for millions across parts of the western U.S. Sunday due to an unusually prolonged heat dome, which is starting to move east.
Michigan health officials say the state's cyclosporiasis outbreak has grown to more than 3,300 cases in 55 counties.
The latest announcement from the Michigan Department of Health and Human Services comes hours after officials said the number of cases had grown to more than 2,600.
The ambulance is designed to connect children with specialized care as quickly and safely as possible.
Michigan health officials say the state's cyclosporiasis outbreak has grown to more than 2,600 cases.
According to event organizers, the swim raised about $130,000 this year alone.
An amended complaint by former University of Michigan football coach Chris Partridge alleges that school leaders concealed their knowledge of the sign-stealing scheme that was under investigation by the NCAA.
Sophie Shaft is a rising star with USA weightlifting, and she's got the hardware to show for it.
J.T. Realmuto hit a three-run double in the sixth inning and Zack Wheeler struck out 10 in six scoreless innings, helping the Philadelphia Phillies beat the Detroit Tigers 5-0 on Sunday to win their three-game series before the All-Star break.
Detroit Tigers rookie Kevin McGonigle can't wait to go home for the All-Star Game in Philadelphia.
Cristopher Sánchez struck out seven in seven innings as the Phillies ended the Detroit Tigers' six-game win streak.
The Democratic side of the aisle had an intriguing development earlier this week when state Rep. Mallory McMorrow suddenly dropped out of the contest
Former NBA All-Star/entrepreneur Jalen Rose, DTE's Trevor Lauer and Oakland University president Ora Hirsch Pescovitz headline an all-star Michigan Matters episode.
Mark Hollis, COO of Rocket Entertainment and tournament director of the PGA Tour's Rocket Classic, appears on Michigan Matters.
Former U.S. Energy Secretary and Michigan Gov. Jennifer Granholm appears exclusively on CBS Detroit's Michigan Matters.
We're in the throes of the 100 most dangerous driving days of the year as more folks take to the road for vacations.
The number of cases of a parasite that causes an illness known as cyclosporiasis has been growing across the country, particularly in Michigan. The exact cause remains under investigation.
President Trump claims that passage in the Strait of Hormuz will be open to all countries except Iran and its customers. CBS News has this report.
South Carolina Gov. Henry McMaster on Monday appointed the late Sen. Lindsey Graham's sister Darline Graham to finish his Senate term, which ends in January. CBS News has this report.
Metro Detroit is under a heat advisory for Tuesday. Michigan health officials discuss possible cause of cyclosporiasis outbreak. Those headlines and other top stories are in the CBS Detroit news brief.
Metro Detroit will see hot and sunny weather on Tuesday, with highs in the upper 90s, possibly reaching 100, with heat indices above 100 degrees. A heat advisory is in effect for all of Southeast Michigan between noon and 8 p.m. Tuesday. Here's the detailed forecast.