US Economy Struggles with High Inflation as Fed Signals Rate Hikes

America's economy is still struggling with high inflation, as evidenced by the latest data from the Commerce Department. The personal consumption expenditures price index (PCE) rose 3.7% in July compared to a year earlier, matching June's figure and remaining above the Federal Reserve's target of 2%. This marks a continuation of the trend seen since the US and Israel attacked Iran in late February, when inflation stood at 2.9%