Inflation Rate Slows, But Prices Remain Elevated Amid AI Spending

The US inflation rate has slowed down slightly in July, but prices remain elevated. According to the Labor Department, consumer prices increased by 3.4% from a year ago, down from 3.5% in June.

This marks the second straight decline after gas prices pushed inflation to a three-year high of 4.2% in May.

The core inflation rate, excluding food and energy categories, slipped to 2.5% in July from a year ago, down from 2.6% in June.

While the decrease is mild, it provides some relief for the White House as midterm elections approach.