U.S. Inflation Reached a New Four-Decade High in June, Economists Estimate

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U.S. inflation is estimated to have reached a new four-decade high in June, but falling gasoline prices and discounting at some retailers could be signs of moderating price pressures, economists say.

The consumer-price index is expected to have increased 8.8% in June from the same month a year ago, according to economists surveyed by The Wall Street Journal. That would be higher than May’s annual rate of 8.6% that led Federal Reserve officials to shift to a faster pace of benchmark interest-rate increases, according to meeting minutes released last week. The Labor Department will release the June inflation report at 8:30 a.m. ET Wednesday.

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