Forex
Inflation Eases to 3.4% as Gas Prices Fall
US inflation cooled to 3.4% in July, as gas prices eased and energy costs slowed down, according to new data from the Bureau of Labor Statistics.
The Consumer Price Index (CPI) showed that prices rose just 0.1% on a monthly basis, matching economists' expectations.
The Iran war had sent inflation soaring to a three-year high earlier this year due to energy shock and high uncertainty, but peace talks have progressed in recent weeks, easing pressure on prices.
However, some cost-of-living concerns persist, as Americans' pay gains lag behind price hikes. The latest jobs report showed that wages rose 3.2%, while inflation ran at 3.4%.
Cheap gas prices contributed to the cooling of inflation, falling 2.9% in July from the previous month.