Minneapolis CNN  — 

What a difference a year makes.

US annual inflation slowed to 3% last month, according to the latest Consumer Price Index released Wednesday by the Bureau of Labor Statistics.

That’s a sharp cooldown from June last year, when inflation spiked to 9.1% — the fastest annual rate since November 1981, when Olivia Newton-John’s “Physical” sweated its way to the top of the charts.

It’s the 12th consecutive month that annual inflation, as measured by the CPI, has slowed.

On a monthly basis, prices increased by 0.2%, a cooler reading than the 0.4% increase seen in May, according to the report.

Since March 2022, the Federal Reserve rolled out 10 consecutive interest rate hikes to tame inflation, finally hitting the pause button last month. The Fed is widely expected to raise rates by another quarter point when it meets later this month.

This story is developing and will be updated.