 which would be May, the last few years they would have. Monthly inflation rate dipped in June, providing further cover for the Federal Reserve to start lowering interest rates later this year. The CPI, broad measure of cost for goods and services across the U.S. economy, declined 0.1% from May, putting the 12-month rate at 3% around its lower level, the lowest level in more than three years. That's a good thing.