 The latest Consumer Price Index shows inflation is cooling. The Better Than Expected Inflation Report strengthens the case for a Fed rate cut later this year. Let's just review these numbers because they're pretty good. So overall inflation was 3% in June compared to a year ago, down from 3.3% in May, and month over month it actually fell that 0.1%. ABC's Alexis Christophorus. Excessive heat warnings and heat advisories continue to blanket the West. More than 65 million Americans are on alert for dangerous and record-breaking heat.