Inflation has biggest drop since 2020

Inflation fell in June, on the back of lower energy prices, the government said Tuesday. Why it matters: It's the largest one-month decrease since April 2020, but it may be a short-lived reprieve — the report doesn't account for the sharp increase in oil prices this month as the Iran war re-ignites. By the numbers: Still, inflation is pretty hot. The Consumer Price Index rose 3.5% in the 12 months through June — down from 4.2% in May. On a monthly basis, prices fell 0.4%, after increasing…