How much longer will inflation continue in the US? 4:42

(CNN) -- U.S. annual inflation slowed to 3% in June, according to the latest Consumer Price Index released Wednesday by the Bureau of Labor Statistics.

This is a sharp slowdown from June 2022, when inflation soared to 9.1%, the highest annual rate since November 1981.

It is the twelfth consecutive month that annual inflation, as measured by the CPI, has slowed.

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

Since March 2022, the Federal Reserve has applied 10 consecutive interest rate hikes to control inflation, and last month it finally hit the pause button. The Fed is expected to raise rates another quarter point when it meets later this month.

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U.S. inflation