Washington D.C., July 14 -- US Consumer Price Index (CPI) inflation cooled in June to 3.5 per cent from 4.2 per cent in May on the back of a big drop in gasoline prices, bringing some respite to consumers who were bearing the brunt of higher pump prices of gasoline.

The core inflation, which excludes energy and food prices, which are highly volatile, was flat for the month of June. The annual core inflation rate came in at 2.6%.

"The index for energy fell 5.7 per cent in June after rising 3.9 per cent in May, 3.8 per cent in April, and 10.9 per cent in March. The energy index was the largest contributor to the monthly all-items decrease, more than offsetting increases in other indexes, including those for shelter and food," the release ...