Consumer prices decline for the first time in four years
01:05 Share

For the first time in four years, consumer prices in the U.S. declined. I'm Nova Safo with the Marketplace Minute. We're talking broad averages, but still, the consumer price index fell in June compared to the month prior, down one-tenth percent. That's the first time that's happened since May 2020. On an annual basis, inflation shrank from 3.3 percent to 3 percent. The Federal Reserve is watching for this to determine interest rates.

Meanwhile, initial jobless claims remain low, last week totaling 222,000. These are signs of that soft landing economists have been looking for. The Biden administration announced $1.7 billion in grants to convert old auto plants into electric vehicle production. States benefiting include Michigan, Ohio, and Georgia.

Two weeks from today is the deadline for Apple to open its tap-to-pay system to competitors in the European Union. That's a pledge EU officials accepted today from the tech giant to resolve an antitrust case. I'm Novosafo with the Marketplace Minute.