US inflation cools slightly as gas prices fall
A decline in gas prices helped cool overall U.S. inflation to 3.4% in July, though costs remain higher than before the war in Iran began.
U.S. inflation slowed last month as gas prices fell, suggesting that higher oil and gas costs linked to the war in Iran are having a limited impact on broader prices across the economy. Figures released by the Labor Department on Wednesday show that consumer prices increased by 3.4% in July compared to a year earlier, down slightly from the 3.5% annual rate reported in June, as underlying price pressures also cooled.[1][2]
Despite the modest slowdown, overall consumer costs remain elevated. The 3.4% annual inflation rate in July is still higher than the 2.4% rate recorded in February before the Iran war began. On a month-over-month basis, consumer prices rose just 0.1% from June to July, reflecting a slight moderation in economic cost pressures.[1]
