BREAKING NEWS: Inflation Eases in June

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Inflation slowed more than expected in June, easing to an annual rate of 3.5% from 4.2% in May as lower gasoline prices helped cool price growth, according to Labor Department data released Tuesday.

Economists polled by the financial data firm FactSet predicted June inflation would rise at an annual rate of 3.9%.

The cooler reading comes after three consecutive months of increases that pushed the CPI to its highest level in more than three years. Inflation slowed as a result of declining energy prices, with gasoline prices tumbling 9.7% in June from a month earlier.

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