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Inflation in the US likely continued to soften in June but a key measure of underlying price pressures is still running at an uncomfortable pace that keeps the Federal Reserve tilted toward resuming interest-rate hikes this month.A government report Wednesday is forecast to show the consumer price index climbed 3.1% from a year ago, the smallest advance since March 2021, largely due to lower prices at the gasoline pump. Such a result would leave the headline CPI measure down almost 2 percentage points in just two months.
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