Some relief from the pace of price increases.

From Marketplace in Washington, I'm Kimberly Adams.

We got fresh consumer price index numbers this morning, and consumer prices are down for the month of June, falling 0.4% month over month, beating the expected 0.2% decline.

Core CPI for the month stayed flat.

Year over year, the overall inflation rate is at 3.5%, down from 4.2% in May and still higher than the Federal Reserve's target.

To discuss what it all means, joining us is Jeffrey Cleveland, Chief Economist at Payton and Regal.

In this particular report, we had good news, I would say pretty much across the board.

Two big categories stand out to me, the shelter component.

That was very soft for the month of June.

That includes things like rents and owner's equivalent rents.

But also goods.

Goods prices have been elevated.

They have been an inflation issue really over the last year or so, but also goods. Goods prices have been elevated. They have been an inflation issue

really over the last year or so, given the tariffs. We're more than a year out from the

tariff price increases. Those could be fading from the inflation data. Speaking of prices,

unless you own livestock, you probably don't think much about the price of hay. But you might just pay attention to the cost of a gallon of milk or pound of ground beef.

Those prices are related, though, since hay is a big part of cattle's diets.

But this year is shaping up to be a tough one in the hay business, as Marketplace's Caitlin Tan reports.

Wyoming hay producer Tom Johnston picked up my call while he was clearing out debris from an

irrigation ditch.

You said you're standing in a ditch literally right now.

Yeah.

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