Inflation Easing Temporarily Amid Rising Oil Prices

US inflation slowed in June to 3.7% from 4.1% in May, according to data released by the Commerce Department's Bureau of Economic Analysis on Thursday.

The Personal Consumption Expenditures Price Index slipped 0.1% month-over-month, its weakest reading since April 2020.

However, experts warn that the easing is likely temporary due to renewed hostilities in the Middle East, which have driven up oil prices.

Brent oil prices are hovering above $90 a barrel, and average US gasoline prices have risen back above $4 a gallon.

The Federal Reserve tracks the PCE inflation measures for its 2% target, and Chairman Kevin Warsh emphasized that there is no 'soft' inflation target.