US Inflation Eases Slightly Amid Decline in Gas Prices

The US inflation rate slowed down slightly in July as gas prices decreased by 2.9% from June, according to the Labor Department.

This decline was also reflected in grocery prices, which fell by 0.1%, although they are still 2.7% higher than a year ago.

The overall inflation rate stood at 3.4% in July, down from 3.5% in June and significantly lower than the 4.2% peak reached in May, but still above the pre-Iran war level of 2.4%.

Despite this moderate decrease, prices are continuing to rise faster than average wages, posing challenges for consumers and the White House as the midterm elections approach.