CNN Breaking News Alert for Wednesday, July 12, 2023

Annual inflation slowed to 3% last month, according to the latest consumer price index released today. That's a sharp cool down from June last year when inflation spiked to 9.1%. It's the 12th consecutive month that annual inflation has slowed. On a monthly basis, prices increased by 0.2% as compared to the 0.4% increase seen in May.