Cost of Living Tops US Concerns as Inflation Rates Dip

A new poll from Marquette University Law School has revealed that Americans' top concern is cost of living and inflation, with 35 percent naming it as their most important issue. The economy came in second at 15 percent, followed by the Iran war at 10 percent, its lowest spot in three months.

The poll also showed that since January, cost of living and inflation have remained a top concern for Americans, ranking either first or second for 56 percent of respondents. This comes as annual inflation dipped from 4.1 percent in May to 3.7 percent in June, according to the personal consumption expenditure (PCE) price index.

The Federal Reserve chose to leave its benchmark interest rate unchanged at the end of July, despite dissenting views from three regional Fed presidents who wanted to raise rates to combat elevated inflation. Only 28 percent of Americans describe the nation's economy as being in an excellent or good state.