Prices drop for the first time since start of pandemic

(CNN)– Prices fell in June for the first time since early in the pandemic.

According to the Bureau of Labor Statistics’ latest consumer price index report, consumer prices dropped .1% on a monthly basis.

That brought the annual inflation rate down to 3% from 3.3% in May. Falling gas prices and lower new and used car prices led the overall decline.

This marks the first month-on-month decline since may 2020. U.S. stock futures rose on the good inflation news.