Inflation in the United States slowed last month alongside a cooling in underlying price pressures, indicating that elevated oil and gas costs driven by the Iran war have had a limited effect on wider economic prices so far.
According to Labor Department data released Wednesday, consumer prices grew 3.4% year-over-year in July, representing a minor decrease from June's 3.5% rate. Inflation remains above its pre-war level of 2.4% recorded in February. Month-over-month, prices edged up by only 0.1% between June and July.
