July Inflation Rate Ticks Down Amid Ongoing Iran-US Conflict

US inflation rates ticked down slightly in July, falling to 3.4% from June's rate of 3.5%, as measured by the Consumer Price Index (CPI). The annual inflation rate remains above the Federal Reserve's 2% target.

The Bureau of Labor Statistics reported a 0.1% increase in CPI for last month, with economists' projections met and energy prices down 1.5%. Food prices rose 0.1%, marking the fourth consecutive monthly rise.

Core inflation, excluding volatile energy and food prices, increased by 0.2% from June to July, reaching an annual rate of 2.5%.