The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.1 percent on a seasonally adjusted basis in June, with an overall 3.0 percent increase over the last 12 months.
Indexes for shelter, motor vehicle insurance, household furnishings, medical care, and personal care rose in June, while airline fares, used cars, and communication decreased.
CNBC's Rick Santelli enthusiastically discussed the report, highlighting a month-over-month decrease suggesting deflation.
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