Inflation showed welcome signs of cooling in June, but core prices pointed to strong underlying pressures that are still bubbling beneath the surface – and continuing to burden millions of Americans.

The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.2% in June from the previous month. 

Prices climbed 3% on an annual basis, slightly below the 3.1% increase forecast by Refinitiv economists.

Although inflation has cooled from a peak of 9.1%, it still remains above the Federal Reserve's 2% target rate.

This is a developing story. Please check back for updates.