Photo: A shopper at Brickell City Center in Miami on June 14, 2023. Photographer: Eva Marie Uzcategui/Bloomberg A shopper at Brickell City Center in Miami on June 14, 2023. Photographer: Eva Marie Uzcategui/Bloomberg

U.S. inflation sharply cooled last month, offering fresh hope that the Federal Reserve can soon wrap up the most aggressive interest rate hikes in decades.

The consumer price index (CPI) rose 3 percent last month from a year ago, the smallest advance in more than two years, according to data out Wednesday from the Bureau of Labor Statistics (BLS). Excluding food and energy, the core CPI—which economists view as the better indicator of underlying inflation—advanced 4.8 percent, also the lowest since 2021.

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