The US Labor Department released the June Consumer Price Index on the 14th. The core index, which the Federal Reserve focuses on, was flat month-on-month, falling short of the market forecast of a 0.2 percent rise. This is the first time growth has been flat since January 2021, a span of five years and five months. The headline index fell 0.4 percent month-on-month, significantly below the market expectation of a 0.1 percent decline, marking the largest drop since April 2020. A sharp slowdown in energy prices, which fell 5.7 percent month-on-month, dragged down the overall figure. On a year-on-year basis, the core index rose 2.6 percent and the headline index rose 3.5 percent, both decelerating from the previous month and coming in below market forecasts. However, with crude oil prices rising in July amid renewed tensions between the US and Iran, there was no significant change in market views that the Federal Reserve will raise interest rates in September.