U.S. inflation is expected to hit a new high of four decades in June, but falling gasoline prices and discounts at some retailers could be signs of a moderation in price pressures, economists say .
The consumer price index is expected to have risen 8.8% in June from the same month a year ago, according to economists surveyed by The Wall Street Journal. This would be higher than the May 8.6% annual rate that led Federal Reserve officials to change at a faster rate of reference interest rate hikes, according to the minutes of the meeting published on last week. The Department of Labor will release the June inflation report at 8:30 a.m. ET Wednesday.