US Inflation Eases as Food and Fuel Costs Show Signs of Cooling

US inflation has cooled off slightly as food and fuel costs show signs of easing. According to new figures, prices rose by 3.4% in the year to July, down from 3.5% in June.

Energy prices were volatile due to ongoing conflict in the Middle East, but gasoline prices decreased by 2.9% in July compared to June. However, they still increased by a significant 24.6% over the year.

The Bureau of Labor Statistics reported that inflation rose by 0.1% month-to-month, mainly due to an increase in housing costs. Housing makes up a substantial share of household spending, so even small changes can impact overall inflation figures.