Washington | US inflation fell in June and the annual increase was the smallest in a year, pushing up the chance of an interest rate cut in September and boosting the Biden administration’s economic credentials four months from the election.

The consumer price index dipped 0.1 per cent last month, beating economists’ expectations for a 0.1 per cent increase. The CPI was unchanged in May. The annual rate is now 3 per cent, down from 3.3 per cent.