Prices fell in June for the first time since the start of the pandemic

US consumer prices did something in June that they haven’t done since the early part of the pandemic: They fell.

Consumer prices dropped 0.1% on a monthly basis, helping to bring the annual rate of inflation to 3% from 3.3% in May, according to the Bureau of Labor Statistics’ latest Consumer Price Index report.

Economists were expecting a 0.1% monthly increase and an annual gain of 3.1%, according to FactSet consensus estimates.

This story is developing and will be updated.